Pakistan’s rice exports have surged to a record-breaking $3 billion in the first nine months of fiscal year 2024 (FY24), marking an unprecedented milestone largely attributed to India’s ban on rice exports.
Official data reveals an impressive 83% growth in Pakistan’s rice export sector from July to March of FY24, with total earnings reaching $2.939 billion compared to $1.6 billion in the corresponding period of the previous fiscal year.
These nine-month export figures have already surpassed the entire export earnings for FY23, which stood at $2.1 billion.
In terms of quantity, Pakistan has achieved a significant 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, projections indicate that overall rice exports by the end of FY24 could reach approximately $4 billion if the current pace is sustained. The Rice Exporters Association of Pakistan (REAP) has set a target of $5 billion for FY25.
Rafique Suleman, a leading rice exporter and former REAP chairman, attributed this remarkable achievement to Pakistani exporters’ swift response to India’s export ban and their diligent efforts to enhance foreign exchange earnings for the country amid a financial crisis.
Following India’s export ban, significant demand for rice emerged from Indonesia, a new market for Pakistani rice, contributing to the surge in exports. Suleman highlighted the importance of exploring 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 particularly excelled, recording a remarkable 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 witnessed a notable increase, rising by 36% to $622 million during the period under review.
