Basmati rice export value rises 12%

Association chairman hopeful of meeting $2 billion target.

KARACHI:

Despite the ongoing crisis in the Middle East, the value of basmati rice exports has increased 12 per cent during the first nine months of the current fiscal year, compared with the corresponding period of the preceding year.

Rice Exporters Association of Pakistan (REAP) Chairman Irfan Ahmed Shaikh informed that Pakistan’s total rice export had crossed 2.73 million tons in nine months, and expressed hope the $2 billion target for the year would be met.

He also informed that REAP had aimed to export $2.5 billion worth of rice this year, but the recent floods in the country forced revision of the initial target. He explained that the floods greatly affected the rice cultivation, especially non-basmati rice, which has led to reduced non-basmati exports in recent months.

However, the basmati crop in Punjab was relatively safe from floods, and exports in the period under review have shown strong growth, said Shaikh.

“Rice exporters are worried over the ongoing crisis in the Middle East, as Pakistan exports huge volumes of rice to this region,” he said, adding that the political turmoil had caused difficulties in exports.”

Shaikh also informed that new markets for Pakistani rice, particularly African countries, had supported exports, leading to improved performance.

According to the nine-month data released by Reap on Wednesday, a decline of 18 per cent and 26 per cent, in value and volume, respectively, has been witnessed in non-basmati rice exports.

However, the volume of basmati exports increased by 14 per cent during the period, while export value rose by 12 per cent.



Published in The Express Tribune, April 7^th, 2011.