News

Pakistan foresees surge in rice exports amidst India’s trade restrictions

Rice
Pakistan
Regulation & Compliances
Market & Price Trends
Published Feb 2, 2024

Tridge summary

Pakistan's rice exports are expected to hit a record high by June, driven by India's decision to limit its own shipments. This has led to increased sourcing from Pakistan, where rice prices are at a 16-year high. The surge in exports is helping to alleviate global rice supply constraints and bolster Pakistan's foreign exchange reserves. Projections for the 2023/24 financial year indicate that Pakistan's rice exports could reach 5 million metric tons, up from 3.7 million tons the previous year. Rice production is also expected to significantly increase to 9 to 9.5 million tons from the previous year's 5.5 million tons.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Pakistan is anticipated to achieve a record high in rice exports by June, driven by India’s decision to limit its own shipments. The move has redirected buyers to source more rice from Islamabad, where prices are at their highest point in almost 16 years. The record-breaking exports are helping to alleviate global rice supply constraints after India, the world’s largest exporter, imposed restrictions last year. These increased exports will also contribute to bolstering Pakistan’s foreign exchange reserves, crucial for financing imports. Pakistan’s rice exports are expected to reach 5 million metric tons in the 2023/24 financial year, up from 3.7 million tons the previous year. Some industry officials are even more optimistic, suggesting that exports could reach 5.2 million tons, given the significant improvement in production this year. Pakistan is projected to produce 9 to 9.5 million tons of rice in 2023/24, rebounding from the previous year’s 5.5 million tons, which was ...
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