Nov 26, 2019, 1:52 PM
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News Code: 83569702
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Pakistan’s rice exports on rise despite currency depreciation

Islamabad, Nov 26, IRNA -- Despite depreciation of local currency and higher inflation rate Pakistani rice exports have soared to 43 percent in past four months.

According to the Rice Exporters Association of Pakistan (Reap), the depreciation of the rupee against the US dollar has made Pakistani rice cheaper than other countries in the world.

From July to October 2019 Pakistan exported rice worth of US $ 630 million which was US $ 440 million in July-October 2018.

Pakistani rice exports have increased in Oman, Qatar, Iran and China during this period. Rice exports are expected to reach $ 3 billion this fiscal year.

Rice, which is sown on 2.89 million hectares (about 10 percent of total cropping area) in Pakistan, earned $2 billion (around 8pc of export income) for the country in the past fiscal year.

In last fiscal year, rice production hit 7.4 million tonnes placing Pakistan on the list of the 10 largest producers on the world rice chart.

Data from the Reap reveals that it sent out a little over four million tonnes of rice (for $2 billion) in 2018, as compared to 3.44 million tonnes for $1.6 billion in 2017. This showed significant growth of 27.7 percent in terms of value and 17 percent in terms of quantity.

Last year a 16-member delegation Rice Exporters Association visited Iran to explore trade and investment opportunities in Iran and enhance rice export to the country.

The delegation had fruitful meetings with representatives of Tehran Chamber of Commerce, Industries and Mines and Mashhad Chamber of Commerce and Industry.

Pakistan is the fourth largest rice exporter in the world with 108 varieties of the commodity.

Earlier Pakistan’s Adviser to Prime Minister on Commerce, Textile, Industries and Production Abdul Razak Dawood had urged his country's rice exporters to benefit from the Iran market.

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