KARACHI: Rice Exporters Association of Pakistan (REAP) has shown serious concern over the unfavourable exchange rates and increase in freight rates by shipping companies.
According to REAP, the exports of rice has been hit badly with these two factors. One of the main issues is substantial increase of freight rates for Europe, and China. While, exporters are also facing many challenges due to sudden appreciation of dollar against the Pak Rupee.
Furthermore, unfavourable exchange rates have doubled the grievances of rice exporters, who are already running behind due to so many factors, especially the very low Indian prices.
Due to Covid-19, a major food consumption area continued global shutdown of travel tourism, decreasing the demand of rice in hotel and catering industry. In hard times such as these it requires a proactive approach by the government to immediately address the issues faced by the rice export sector.
Copyright Business Recorder, 2021