Exports to reach $4 billion: Rice exports soar amid bumper harvest
Basmati rice export is slowing down, with exporters shipping out 66,863 metric tonnes valuing at $76.861 million. The decline is attributed to stiff competition with India offering Pusa rice varieties that resemble Basmati at lower prices. photo: file
Due to the bumper production of 9 million tonnes of rice in the country, 5 million tonnes worth $3.5 billion have been exported from Pakistan so far. By the end of this year, the volume of rice exports from Pakistan is expected to reach $4 billion. This was stated by the Chairman of the Rice Exporters Association of Pakistan (REAP), Chellaram Kewali, while addressing a press conference on Monday along with former REAP Chairman Rafiq Sulaiman.
He noted that the rice sector has become the second-largest export sector of Pakistan after textiles. He also mentioned that opportunities are available for Pakistani rice exporters in new markets such as Mexico, Russia, and the Philippines.
Kenya had encouraged the import of 500,000 tonnes of rice duty-free until April 6, 2024, but the transit and Red Sea crisis delayed the arrival of Pakistani rice consignments in Kenya. As many as 1,300 containers of rice were stuck due to the late arrival of consignments. If duty were imposed on these containers, Pakistani exporters would have to pay $7 million.
Addressing the press conference, former REAP Chairman Rafiq Sulaiman said that Kenya has facilitated another 500,000 tonnes of rice for duty-free export until November. He mentioned that despite the seizure of a foreign ship in the Red Sea in March, a record 98,000 tonnes of rice was exported from Pakistan. Pakistani rice was delayed in reaching Kenya due to the Red Sea crisis, forcing shipments to take a longer sea route. There were more than 34,000 tonnes of rice in these 1,300 containers. He added that heavy rains in Kenya have destroyed crop, leading to an increased demand for rice.