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Home > News Updates > News Headlines
News Headlines

1Q RICE EXPORTS UP 32PC
11/5/2017

DAILY BUSINESS RECORDER (05/11/2017)

1Q RICE EXPORTS UP 32PC

KARACHI: After posting some 14 percent decline in FY17, the country’s rice exports registered a 32 percent increase during the first quarter of this fiscal year, mainly due to availability of carryover stocks. 

Exporters said the higher production in the last season and availability of rice stocks made this possible to post some surge in exports, which are facing stiff competition in the world market. 

Rice is one of the largest foreign exchange earning commodities. Its exports touched $2 billion mark in FY15. However, during last fiscal year, rice exports declined by 14 percent as some 3.5 million metric tons worth $1.6 billion rice were exported. 

According to statistics released by Pakistan Statistics Bureau, Pakistan’s overall rice exports (in terms of value) posted a 32 percent surge in July-Sep of FY18. Pakistan exported rice worth $320.243 million in first quarter of this fiscal year compared to $242.694 million in the same period o last fiscal year, showing an increase of $77.549 million. 

In terms of quantity, with an increase of 29 percent, rice (Basmati and non-Basmati) exports surged to 0.621 million tons in first quarter of FY18 compared to 0.482 million tons in the corresponding period of FY17. 

The Basmati rice in terms of quantity witnessed a declining trend, while in terms of value it posted some increase. The country exported some 86,672 tons Basmati rice in the first quarter of this fiscal year compared to 92,321 tons in the same period last fiscal year, depicting a decline of 6 percent. However, in terms of value, Basmati rice exports surged by 2.43 percent to $90.931 million up from $88.772 million. 

Export of non-Basmati verities posted an increase of 49 percent in value and 37 percent in quantity to reach $229.312 million and 534,422 metric tons, respectively. 

Commenting on exports, Rafique Suleman, Senior Vice Chairman, Rice Exporters Association of Pakistan (REAP) said that rice sector, which is much ahead of several other exporting sectors, is still neglected by the government. 

“Pakistani rice is much costly in international market compared to India due to high input costs, overvalued currency and excessive taxes on rice sector,” he added. 

Rafique expressed concern over the low yield due to lack of research and urged special funding from the Export Development Fund to generate new seeds aimed at enhancing the production. 

He said former prime minister Nawaz Sharif announced Rs 180 billion relief package for the major exporting sectors, however rice was completely ignored. “Rice exports are also facing some difficulties, therefore, a relief package for rice should be announced.” 

He said that current year will also be very challenging for the rice exporters. Government’s attention is needed and appropriate measures required to retain the current momentum of growth. Rafique said a target of 4 million tons rice worth $2 billion exports has been fixed by the REAP. 

The Senior Vice Chairman REAP said Iran is a big market and Pakistan can export up to 0.4 million tons of rice worth $300 to $400 million annually… but it needs a banking channel, which is still not established despite lifting of the US sanctions.

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