By Muhammad Luqman Rice exports from Pakistan have crossed dollars one billion during the first seven months of the fiscal year 2018, showing an increase of 29 percent in value and 15 percent in quantity. “Pakistan exported total 2.28 million metric tons of rice worth dollars 1.06 billion in the current fiscal year so far whereas in the same period of last fiscal year the figure was 1.971 million metric tons amounting to $.820 million,” according to an announcement of Rice Exporters Association of Pakistan (REAP). Pakistan has set a target of exporting more than 4.0 million metric tons of Pakistani rice to earn US $ 2 billion. The increase in the exports is mainly due to loss of European market by India due to the excessive pesticide residue found in its rice, Increase in the demand for rice worldwide has also contributed to Pakistan’s efforts to enter more markets. “This year the country had a very good crop in terms of quality and quantity. The prices of Pakistani rice are comparatively less than that of its competitors including Thailand and Vietnam,” says Rafique Suleman, Senior Vice Chairman, REAP. Indonesia has also floated a tender for procurement of big quantity of rice and two Pakistani companies are also included in successful bidders.. Kenya is the largest buyer of Pakistani rice and during half year of this fiscal year (July to Dec 2017), the east African country imported 240,000 Metric Tons of rice worth US$ 85 Million while Iran and Saudi Arabia are the major buyers of aromatic Basmati Rice. “We are hopeful that after resolving the Payment Problem regarding Banking Channel with Iran, Pakistani Basmati Rice will get a significant boast which was facing severe decline since last three years,” says Rafique Suleman.
