ISLAMABAD: Federal Minister for National Food Security and Research, Fakhar Imam Monday said the country will have “rice exportable surplus of 8.03 million metric tons worth $4.85 billion in fiscal year 2021-22, which can potentially generate the highest growth in the entire export sector”.
Speaking at a presser, he said that in 2020-21, the estimated carryover stock of rice was 0.51 million metric tons. In Kharif 2020-21, he added, the country produced 8.41 million metric tons due, therefore, in FY2020-21, 8.92 million metric tons stock was available for domestic consumption and export.
“Up to November 2021, approximately 3.1 million metric tons was domestically consumed and 3.34 million metric tons was exported. Therefore, the carryover stock is 2.47 million metric tons,” he added.
For Kharif 2021-22, he said that the provincial crop reporting departments have reported a bumper rice crop of 8.96 million metric tons; therefore, the total available stock in December 2021 will be 11.43 million metric tons.
Deducting 3.40 million metric tons for domestic consumption, 8.03 million metric ton is available as exportable surplus, he said, adding of the total exportable surplus, approximately 30 percent is basmati (2.41 million metric ton).
He said that at present, the average export prices of basmati and coarse rice are $870/ metric ton and $490/metric ton, respectively. The minister said that at these prices, Pakistan can earn $2.10 billion and $2.75 billion (total $4.85 billion) from the export of basmati and coarse rice, respectively.
“In FY2020-21, Pakistan exported 3.50 million mt worth $2.11 billion. These rice exports were about 12 percent lower compared to those in the FY2019-20 due mainly to Covid-19 related disruption in shipments,”” he added.
In FY2021-22, our exportable surplus is 128 percent higher than that of last year, he said, adding now that the shipment disruption is easing, Pakistan should make every effort to export 8.03 million metric tons and earn $4.85 billion, which will be $2.74 billion more than that of last year.
“This may be the highest growth in the entire export sector this year. It is a notable achievement due to the government’s effective support to the farmers who must be paid a tribute for their diligence and hard work for achieving this unprecedented milestone,” he added.
The minister said that in Kharif 2020-21, Pakistan produced 8.41 million metric ton, adding by November 2021, 3.1 million metric tons domestically consumed and 3.34 million metric ton exported worth $2.11 billion.
“Carryover stock is 2.47 million metric tons. For Kharif 2021-22, we have bumper rice crop of 8.96 million metric tons…therefore, total available stock in December 2021 will be 11.43 million metric tons,” he added.
Deducting 3.40 million metric tons for domestic consumption, 8.03 million metric tons is exportable surplus, he said, adding the country has exportable surplus of 8.03 million metric tons worth $4.85 billion.
“Compared to last year, we can earn $2.74 billion more from rice export this year, which could be the highest growth in export sector,” he added.
Copyright Business Recorder, 2021