Monday, July 22, 2024

Rice exports touch $1.224b mark, register 27pc spike

Rice exports from Pakistan have seen the sizeable growth of overall 27 percent and touch the mark of $1.224 billion at the end of February 2018.

This was disclosed by the Senior Vice Chairman Rice Exporters Association of Pakistan, Rafique Suleman here.
He shared the figures of rice exports during the period of July to February 2018. At the end of February 2018, rice exports for the fiscal year 2017-18 (July to Feb 2018) a significant growth has been observed as compared to the Last fiscal year 2016-17 (July to Feb 2017).

This year, he said we exported a total of 2.59 million metric tons of rice amounting to $1.224 billion, whereas last fiscal year in the same period we had exported 2.27 Million Metric Tons of rice amounting to $961 million, which shows overall a significant growth of 27 percent in terms values and 14 percent in terms of quantity.
He said we have come out of the crisis which we have been observing since last three years. With the coordination of

REAP Office Bearers with Trade Development Authority of Pakistan and Customs, the value of rice export trade is showing improvement which is a good sign for our country, he added. REAP members are putting their untiring efforts and aggressive marketing to increase the rice exports and to earn valuable foreign exchange for our beloved country Pakistan.

He informed that last month REAP had organized International Buyers Recognition Awards in Dubai and as a result, we are observing that rice exports to UAE showing good growth. In 8 months of the current fiscal year, we have exported more than 100,000 metric tons of rice amounting to $67 million.

Kenya is the largest buyer of Pakistani Non-Basmati rice and during eight months of this fiscal year (July to Feb 2018) we have exported 323,000 metric tons of rice amounting to $118 million, he added.

He also said that China is the 2nd largest destination for Pakistani Non-Basmati rice. As at the end of February 2018, we have exported 233,000 Metric tons of rice valuing $83 million.

He expressed his gratitude to authorities of Ministry of Commerce, Government of Pakistan for obtaining more benefits for Pakistani rice in the recent negotiations during the second round of Pakistan China Free Trade Agreement which will result into substantial growth in rice exports to China.

He briefed that right now international demand for rice has been increased around the globe.

He was happy to inform that this year we had a very good crop in terms of quality and quantity. Further, prices of Pakistani rice are comparatively cheaper than our competitors, Thailand, Vietnam etc. which is also in our favour.
Pakistani rice exporters are putting their extraordinary efforts for fetching valuable foreign exchange for the growth of the economy of our beloved country and making a huge investment for installing world’s latest rice machinery and most modern technology for value addition in rice.

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