Rice exports post 32 percent growth in July-November

Rice exports posted a growth of some 32 percent during the first five months of this fiscal year, mainly due to rising demand of the commodity in the world market. According to Rice Exporters Association of Pakistan (REAP), the country exported rice amounting to $697 million in July-November of FY18 compared to $528.33 million in the same period of last fiscal year (FY17), depicting an increase of $169 million.
In addition, rice exports, in terms of quantity, registered an increase of 16 percent in first five months of this fiscal year. Rice exports surged to 1.45 million tons in July-November of FY18, whereas the country exported 1.25 million tons of rice in the corresponding period of last fiscal year.
Commenting on the rising trend, Rafique Suleman Senior Vice Chairman REAP said that since last year REAP, Ministry of Commerce and Trade Development Authority (TDAP) are making efforts to explore new markets to enhance rice exports. "After taking some new measures and with the efforts of traders and exporters, rice exports have shown a rising trend," he added.
He said with the support of the association, rice exporters have been putting extraordinary efforts for fetching valuable foreign exchange for the country besides making huge investment for installing world's latest rice machinery and most modern technology for value addition.
"We are in touch with Ministry of Commerce and TDAP and discussing the possibility of uplifting the country's export trade which is the backbone of our economy," he added. He said a few years back, with the joint efforts, rice exports reached over $ 2 billion, however this trend could not sustain due to some domestic and international issues. Now, we are in a position to enhance rice exports up to the same level of this fiscal year, he added.
The Senior Vice Chairman REAP said on the platform of the association, we are also making efforts to explore new export markets and plan to send trade delegations to several countries. A delegation of REAP has also visited Sri Lanka recently to explore export opportunities, he added. Suleman called for cheap availability of basic raw materials to reduce the cost of production of rice and other commodities.