In a remarkable display of resilience, Pakistan’s rice sector defied overwhelming obstacles and exported a total of 3.717 million tonnes of rice, earning an impressive $2.149 billion in FY23. Despite facing a myriad of headwinds, including devastating floods that decimated one-third of Sindh’s crop, fluctuating rupee values, fierce competition from India, steep freight charges, and vessel unavailability in the first half of 2022-23, the sector persevered.
The export figures revealed that 595,120 tonnes of basmati rice were shipped, bringing in $650,423 at an average per tonne rate of $1,092. Additionally, non-basmati varieties reached 3.122 million tonnes, garnering $1.498 billion at an APT rate of $480. Though compared to the previous year’s 4.8 million tonnes, production losses resulted in a 34% drop in rice output, with approximately 6 million tonnes harvested in FY23.
Hamid Malik, a rice trade expert, highlighted India’s manipulation of prices through subsidies that favored their exporters, leading to challenges for Pakistan in international markets. Moreover, speculative trading and high local basmati rates impacted exports.
Despite the hurdles, the outlook for the current fiscal year seems promising with record-breaking quotations for 25% broken rice, fueled by India’s ban on coarse rice exports. As the sector continues to battle adversity, it shows remarkable tenacity and determination to overcome challenges and thrive in the global market.