Pakistan: Rice exporters likely to meet $1.3b target one month ahead

Pakistan’s rice export graph has been rapidly going up for the last two years, and this year the exporters are expected to achieve $1.3 billion target one month ahead. According to a leading rice exporter, rice growers are earning a handsome profit, therefore, it is expected that exports will hit $1.5 billion in 2007-08. The rice export target was $1.2 billion in 2005-06.

The prices of Basmati rice have surged by 35 to 40 percent in the international market since November 2006 due to low crop production in leading rice producing countries. This season China, Thailand, Vietnam, India and Sri Lanka have reported crop shortage particularly in coarse rice. This situation is benefiting Pakistan where rice production is sufficient enough to export higher quantity of this staple crop.