Pakistan’s rice export reaches historic height

In the fiscal year 2021–2022, rice exports surpassed the $2.5 billion mark for the first time in the history of the nation, according to figures made public by the Pakistan Bureau of Statistics.

Exports of rice brought in $2.041 billion in foreign currency in the previous year.

This year, more than 4.877 million tonnes of rice—both Basmati and non-Basmati varieties—were exported, which is 1.19 million tonnes greater than the 3.684 million tonnes exported in the previous year.

The PBS data show that the volume of rice exports increased by 32.35 percent while the dollar value increased by 23 percent on an annual basis.

More than 0.75 million tonnes of basmati rice are exported, with a monetary value of more than $69 million.

Ali Hussam Asghar, chairman of the Rice Exporters Association of Pakistan (Reap), claimed that cheaper rice prices than those in India at the start of the season drew foreign customers to Pakistan and increased export volume.

According to him, challenges resulting from the lack of containers were indeed evident, but Reap officials were able to address them with the Trading Corporation of Pakistan’s assistance by using bulk vessels.

In order to help rice export volumes exceed $3 billion in the upcoming year, he committed to improving the supply chain.

Given that farmers received a fair price for their crop during the year ending in June 2022, Asghar expected that Basmati acreage and production will rise in the upcoming season. Prior to last year, many involved in the rice industry had been voicing their concerns about the rising trend of non-Basmati rice varieties—especially hybrid ones—being sown, even in the Basmati-producing region of Gujranwala division.

Hamid Malik, a specialist in the rice industry, claims that the supply side has significantly improved over the past three years as production rose from 7.2 million to 8.9 million tonnes.

Despite obstacles like a three-fold increase in ocean freight, the lack of vacant containers and bulk vessels, and restrictions relating to the Covid epidemic, according to Malik, the demand side of the economy remained strong in 2021 and 2022.