Rice is one of the widely consumed agro-commodity in the world. From biryanis to kheers, a wide range of dishes can be made out of it and so the demand for rice remains high all year round.
The Asian countries are the major producers of rice in the world and favorable weather conditions and fertile soil help the countries on the Asian continent enjoy bumper harvest, year after year. India, Pakistan, Thailand, Vietnam are some of the largest rice producers of rice in Asia.
Talking specifically of Pakistan, the country is one of the top 10 rice exporters of the world and bumper rice harvest every year helps the nation export record volumes of rice to the world. It’s basmati rice remain in high demand all year round and next to India, Pakistan has established a name in the global market by supplying high volumes of quality basmati rice.
According to data, Pakistan’s basmati rice shipments in March grew by 45 per cent in comparison to last month.
Facts And Figures
As data indicate, Pakistan exported 392,618 tonnes of rice valuing USD 243,632 in March. Of this, Basmati rice comprised of 64,274 tonnes, of the total shipments thereby reflecting a 45 per cent month on month rise.
In terms of revenue, earnings from basmati rice exports jumped by 39 per cent in March to stand at $69,475 in comparison to $49,875 in February.
Pakistan To Cross The $2Billion Rice Export Target
Riding on back of strong global demand and encouraging situation on export front, rice trade expert, Mr. Hamid Malik believe that Pakistan will easily be able to cross the $2bn export target.
An official of the Rice Exporters Association (REAP) said that despite non-basmati rice exports have witnessed a drop in March, the foreign sales are satisfactory especially considering the way the crops have been affected.
High export prices, strong demand will push earnings from rice exports post $2bn, the official affirmed.
The Bottlenecks
Despite encouraging situation on the export front, problems remain for rice exporters of the nation. Scarcity of foreign exchange is pinching the nation hard.
Discussions with people in the markets of Pakistan highlighted frustration at its highest. Scarcity of foreign exchange has created a hurdle in the way. Required machines required for processing and harvesting cannot be imported, Letter of credit’s (LC’s) can’t be opened and so on.
The Bottom Line
Located in Asia, Pakistan has established a name by supplying high quality basmati rice to the world and in the month of March itself, the Asian nation exported 64,274 tonnes of basmati rice, 45 % higher than what it exported in February. Despite the challenges, trade experts believe that Pakistan is set to comfortably cross the $2bn rice export target owing to strong demand in the global market.
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