Pakistan’s rice exports have surged to an unprecedented $3 billion in the first nine months of fiscal year 2024 (FY24), shattering previous records, largely attributed to India’s ban on rice exports.
Official data reveals a remarkable 83% growth in Pakistan’s rice export sector during July-March of FY24, with total earnings reaching $2.939 billion compared to $1.6 billion in the corresponding period of the previous fiscal year.
The nine-month export figures have surpassed the entire export earnings for FY23, which stood at $2.1 billion.
In terms of quantity, Pakistan has achieved a milestone, exporting 4.55 million tons of rice in just nine months of FY24, compared to 2.9 million tons in the corresponding period of FY23.
With quarterly exports averaging around $1 billion, the overall rice exports by the end of FY24 are projected to hit approximately $4 billion, should the current pace be sustained. The Rice Exporters Association of Pakistan (REAP) has already set a $5 billion export target for FY25.
Leading rice exporter and former REAP chairman, Rafique Suleman, credited Pakistani exporters for capitalizing on India’s export ban and diligently working to boost foreign exchange earnings for the country amidst a financial crisis.
Following India’s export ban, significant demand for rice emerged from Indonesia, a new market for Pakistani rice, which helped drive exports. Suleman emphasized the exploration of new markets such as the Far East and the robust performance in African markets, particularly West and East Africa.
The non-basmati rice sector has emerged as a frontrunner in export earnings, recording a staggering 102% growth, with exports totaling $2.3 billion during July-March of FY24 compared to $1.1 billion in the same period of FY23. Basmati rice exports also saw a notable increase, rising by 36% to $622 million during the period under review.
