Eight Pakistani rice exporters have won another white rice contract from Indonesia, enhancing cumulative quantity of rice to be exported to 150,000 MT valued at $ 67.7 million. Official sources told Business Recorder, the deal materialized with the support of Pakistani Embassy in Jakarta.
Earlier, Pakistani rice exporters won tender of 50,000 MT of white rice valued at $ 22.5 million from Indonesia, after Pakistani companies requested for an extension in deadline of contracts. The sources said, while the notification of the 20 tariff lines will be issued by the Indonesian authorities after completing the official formalities, Kinnow exports have already increased due to longer available time limit for exports allowed by the Indonesian authorities this year.
This year, Indonesian rice importing agency BULOG, allocated a higher quota to imports from Pakistan. After the bidding process, eight Pakistani rice exporters got orders for 6250 MT each totaling 50,000 MT. The first single transaction was worth around $ 22.5 million. A list of top 15 rice suppliers has already been shared with BULOG. Commerce Ministry expects that after the notification of the additional 20 tariff lines (comprising of Pakistan's top exports potential) by the Indonesian authorities, the Preferential Trade Agreement (PTA), signed in February 2012 that became operational in September 2013, will bring more opportunities for Pakistani exporters, helping reduce the trade deficit between the two countries.