Pakistan achieves unprecedented milestone driven by Indian export ban and strategic market expansions
Karachi: Pakistan’s rice export industry has reached an unprecedented high, clocking in at $3 billion during the first nine months of fiscal year 2024 (FY24), marking a historic achievement fueled largely by India’s ban on rice exports.
Official figures reveal a remarkable growth of 83 percent in the rice export sector from July to March of FY24, propelling total earnings to $2.939 billion, compared to $1.6 billion in the corresponding period of the previous fiscal year.
Notably, the nine-month export figures have surpassed the entire earnings of FY23, which stood at $2.1 billion. In terms of quantity, Pakistan’s rice exporters have set a new benchmark by shipping 4.55 million tons of rice in just nine months of FY24, a significant increase from the 2.9 million tons exported in FY23.
Rafique Suleman, a prominent rice exporter and former chairman of the Rice Exporters Association of Pakistan (REAP), attributes this milestone to various factors including favorable weather conditions, robust paddy cultivation, and the development of new rice varieties and hybrids.
The ban on Indian rice exports prompted a surge in demand from new markets like Indonesia, while traditional markets in Africa and the Far East also contributed to the boost in exports. Notably, the non-basmati rice sector has shown remarkable growth, recording a 102 percent increase in export earnings, amounting to $2.3 billion during the Jul-Mar period of FY24.
Suleman emphasizes the need for continued support from government agencies, particularly in research and development (R&D) initiatives, to sustain the momentum in rice exports. REAP is advocating for industry status for the rice sector to avail benefits akin to other industrial sectors.
Despite potential slowdowns in the last quarter due to declining rice stocks, robust demand from key markets such as Indonesia, the Philippines, and Africa is expected to buoy export momentum, sustaining the sector’s stellar performance.
