Islamabad, Jan 22: In the dynamic landscape of global trade, Pakistan’s rice industry has showcased exceptional growth, surmounting numerous challenges to post a significant 19% increase in exports during the first half of the fiscal year 2024.
Between July and December 2024, the nation successfully exported 3.06 million tons of rice, generating an impressive revenue of $1.87 billion. This marks a notable improvement from the 2.57 million tons valued at $1.64 billion in the preceding year.
Particularly striking is the growth in Basmati rice exports, which soared by 30.4% to reach 416,491 tons, accumulating $433.81 million in earnings.
This leap from 367,465 tons at $318.85 million previously underscores the enduring allure of Pakistan’s aromatic Basmati rice on the global stage. Meanwhile, non-Basmati rice also saw a robust increase, with exports climbing by 17.2% to 2.65 million tons and yielding $1.44 billion.
Despite geopolitical tensions such as the conflict in the Red Sea affecting trade routes and escalating shipping costs, Pakistan’s rice industry has persevered. The removal of export restrictions by India and its significant currency devaluation posed additional competitive pressures. Yet, the high quality of Pakistan’s Basmati rice continued to command strong international demand, keeping it competitive in crowded markets.
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Looking ahead, industry experts predict that rice exports could potentially escalate to $4.5 billion by the end of FY25.
Favorable agricultural conditions and effective irrigation practices during critical growing periods fuel optimism. Strategic measures, like enhancing trade agreements and improving quality control, play a key role.
A recent trade agreement with Bangladesh and the establishment of a rice quality laboratory should strengthen Pakistan’s rice market.
Pakistan’s focus on maintaining high standards and leveraging international trade has boosted rice exports and solidified its position in global markets. By expanding into new markets, particularly in Africa, and improving product standards, Pakistan is set for continued growth in rice exports.
