Pakistan's rice exports reach $3.9 billion in FY23-24

With favourable weather conditions and timely provision of raw materials, the export of rice touched $3.89 billion for the first time in history, according to the Rice Exporters Association of Pakistan (Reap).

“At least 580,000 tonnes of Basmati and no Basmati rice has been exported Between July 2023 and June 2024,” said the founder of Reap while announcing Malik Faisal Jahangir as the unopposed elected president of the organisation.

He added that the export of rice during FY2023-24 increased foreign exchange by $3.89 billion.

The newly elected chairman expressed hope to bring the export to $5 billion in the next fiscal year.

Chairman Jahangir shared his plan that he would focus on introducing modern techniques to boost yield production, "such as researching all new methods of increasing production".

However, Pakistan's rice export in the previous year was $2.11 billion, data released by the State Bank of Pakistan showed in July.

As the world’s biggest rice exporter, India imposed various curbs on exports of rice in 2023 and continued to keep local prices down before the general elections, and Pakistan appeared as a big beneficiary of Dehli’s restrictions.

However, India was now mulling over ending the curb on rice exports, which would allow the country to retain market shares against Pakistan. 

If India ends sanctions, it will be difficult for Pakistan to reach the estimated target in FY2023-24.