Pakistan’s rice exports are booming, with a record-breaking achievement in the 2024 financial year. Despite ranking ninth in global rice production, Pakistan now stands as the fourth largest rice exporter, following India, Vietnam, and Thailand. With favorable weather conditions, abundant farm inputs, and India’s ban on non-Basmati rice exports, Pakistan is expected to reach 5.8 million tonnes in rice exports by the end of June.
The country’s rice exports have already surpassed the 5 million tonne mark in the first 10 months of the financial year, earning $3.4 billion. This accomplishment is attributed to a 32% increase in non-Basmati exports and a 24% increase in Basmati exports. However, challenges lie ahead as non-Basmati stocks are dwindling.
Despite India’s export ban, Pakistani Basmati rice exports have remained competitive, earning a higher price per tonne than Indian exports. The sector’s success is credited to the development of long-grain hybrid seeds and the efforts of the Rice Exporters Association of Pakistan.
Looking towards the future, Pakistan aims to capitalize on global demand for Basmati rice, particularly in West Asia and Africa. With promising prospects in key markets like Indonesia, the Philippines, and West Africa, Pakistan’s rice exports are poised for continued growth.
In conclusion, while Pakistan’s rice industry faces challenges such as fluctuating market dynamics and competition from other rice-exporting countries, the country’s commitment to innovation and diversification in rice production sets a strong foundation for the sector’s sustainable growth.