LAHORE: Basmati rice exports have shown a 45 percent upward increase during the month of March 2023 quantity wise and 40 percent in dollar term as compared to the February 2023.

A total of 64,247 metric tons of rice were exported during the month of March 2023 as compared to 44,137 metric tons in the month of February 2023. Basmati exports fetched $69,475 in March 2023 as compared to 49,874 in February 2023.

With current rice export pace in first nine months of financial year 2023, Pakistan would be able to cross 2 billion dollar target and quantity wise 3.2 to 3.5 million tons rice export mark in 12 month.

This will be in spite of devastating flood, 40 percent rice crop loss in Sindh, rupee-dollar exchange uncertainty and other factors.

US FSA predicted Pakistan’s Rice Export 3.2 million tons this fiscal year while we will able to reach 3.2 to 3.5 million tons, said Rice Exporters Association of Pakistan (REAP) Senior Vice Chairman Haseeb Ahmad Khan while talking to Business Recorder on Thursday.

Haseeb said with the prevailing circumstances the rice exports were satisfactory despite crop damage due to floods and heavy rains.

The exports are comparatively satisfactory as exporters are getting fair prices. Ever high export price, demand is also there, though crop is less but in terms of value we are set to cross the $2bn mark.”

Copyright Business Recorder, 2023