Skip to content
Search

Latest Stories

Global appetite for rice drives Pakistan exports to record high

Boost for foreign exchange as traders capitalise on grain curbs by India

Global appetite for rice drives Pakistan exports to record high

PAKISTAN’S rice exports are likely to jump to a record high in the year ending in June as India’s decision to curb its own shipments forces buyers to purchase more from Islamabad.

The record exports are helping to alleviate tight supplies following the restrictions imposed last year by India, the world’s biggest exporter, and will bolster Pakistan’s depleted foreign exchange reserves, which are crucial for financing imports. Islamabad is offering the grain at nearly 16 year-high prices “We’ve seen a solid demand for rice in the last few months, mainly because India stopped exporting,” Chela Ram Kewlani, chairman of Rice Exporters Association of Pakistan (REAP) told Reuters.


India, which ordinarily ships nearly 40 per cent of globally traded rice, banned exports of non-basmati white rice in a surprise move last year and also imposed export duty on parboiled rice.

Pakistan’s exports could jump to five million metric tonnes in 2023-2024 financial year, up from the last year’s 3.7 million tonnes, Kewlani said.

Some industry officials are even more optimistic, suggesting that exports could reach 5.2 million tonnes, given the substantial improvement in production this year. Pakistan could produce 9 to 9.5 million tonnes of rice in 2023-2024 after production fell to 5.5 million tonnes a year ago because of floods, said a New Delhi-based dealer.

“Higher production and elevated global prices are allowing Pakistan to export at a rapid pace. In December alone, Pakistan exported around 700,000 tonnes of rice,” the dealer said.

Basmati rice exports could jump 60 per cent this year to 950,000 tonnes, while non-basmati exports could surge 36 per cent to 4.25 million tonnes, he said.

In terms of value, Pakistan’s rice exports could fetch more than $3 billion (£2.37bn) this year, an increase from the previous year’s $2.1bn (£1.66bn), said Aadil Nakhoda, an assistant professor at the Institute of Business Administration in Karachi.

Traditionally, India offered non-basmati rice at a lower price than Pakistan. However, with India out of the market, buyers are switching to Pakistan, and local prices are gradually rising despite higher production, said Hammad Attique, director, sales and marketing at Lahore-based Latif Rice Mills.

Pakistan is offering five per cent broken white rice at around $640 (£505) per tonne and parboiled rice around $680 (£537) per tonne, up from $465 (£367) and $486 (£384), respectively, a year ago.

Pakistan currently exports non-basmati rice mainly to Indonesia, Senegal, Mali, Ivory Coast, and Kenya and premium basmati rice to the European Union, Qatar and Saudi Arabia, dealers said.

In India’s absence, Vietnam, Thailand, and Pakistan are trying to fill the gap in the market. However, Pakistan’s relative proximity to buying countries in the Middle East, Europe and Africa provides it with a freight advantage, said a Mumbaibased dealer.

“India is likely to review export curbs after the elections in May. Pakistani exporters have already shipped around two-thirds of the entire year’s shipments, and they are expected to sell the entire quantity before May-end,” the dealer said. Pakistani farmers have been getting record prices for their paddy, said Kewlani. “Even in the next season Pakistan will have a bigger surplus,” he said. (Reuters)

More For You

‘All options on the table’ as Britain
prepares for likelihood of US tariffs

Sir Keir Starmer with Jonathan Reynolds

‘All options on the table’ as Britain prepares for likelihood of US tariffs

BRITAIN is likely to be hit by US tariffs despite making “rapid progress” over a trade deal with Washington, prime minister Sir Keir Starmer said on Tuesday (1).

He spoke as US trading partners around the world braced for an expected fresh raft of tariffs from president Donald Trump, in addition to levies already imposed on steel and those set to take effect this week on cars.

Keep ReadingShow less
single-use vapes-iStock

Analysis by Material Focus estimates that 8.2 million vapes are discarded or littered each week in the UK—equivalent to 13 every second. (Representational image: iStock)

iStock

Shops told to clear single-use vapes before ban starts on June 1

SHOPS across the UK have until 1 June 2025 to sell off remaining stocks of single-use vapes before a nationwide ban comes into force.

The legislation, confirmed last year, follows a government consultation that showed strong support for restricting their sale and supply.

Keep ReadingShow less
Primark-London-Getty

During his 15-year tenure, Marchant expanded Primark’s store network to more than 450 locations across 17 countries in Europe and the United States. (Photo: Reuters)

Primark chief Paul Marchant steps down after misconduct probe

PAUL MARCHANT, the head of fashion retailer Primark, has resigned with immediate effect after admitting to an "error of judgment" in his behaviour towards a woman in a social setting.

Associated British Foods (AB Foods), Primark's parent company, announced his resignation on Monday.

Keep ReadingShow less
Jaguar’s bold gamble: Can it woo young, wealthy drivers with a £123k EV?

Jaguar’s bold gamble: Can it woo young, wealthy drivers with a £123k EV?

JAGUAR’S ambition to seduce younger, richer drivers was on full display in Paris with a presentation of its newest prototype, the Type 00, which promises all-electric luxury... at a steep price.

The low-slung, muscular-looking concept car presented to European reporters last Friday (21) prefigures a production model expected mid-2026 at a base cost of €150,000 (£123,472.8).

Keep ReadingShow less
Starmer-Trump-Getty

Trump has suggested the possibility of a 'great' trade deal that could help the UK mitigate the impact of tariffs he has pledged to introduce. (Photo: Getty Images)

Starmer, Trump talk trade deal progress in 'productive' discussion

KEIR STARMER and Donald Trump spoke on Sunday about ongoing UK-US trade negotiations, with Downing Street describing the talks as "productive."

Since leaving the European Union, the UK has been working to secure a trade agreement with the United States. Successive British governments have pursued a deal, but it has remained elusive.

Keep ReadingShow less