Pakistan’s rice exports have become a bright spot for the country’s troubled economy, showing a sharp increase of around 78% in FY23-24. This growth has not only helped boost foreign exchange reserves but also highlighted the vital role agriculture can play in economic recovery.
In FY24, Pakistan exported 6 million metric tons of rice, valued at $3.88 billion, compared to 3.56 million metric tons worth $2.15 billion the previous year. Basmati rice exports alone rose by 35.59%, totaling 398,764 metric tons valued at $456.95 million.
However, Pakistan faces stiff competition from India, the world’s largest rice exporter. Industry experts suggest that part of Pakistan’s recent success may be due to India’s temporary export ban. To maintain and grow its market share, Pakistan can focus on:
- Quality Promotion: Highlighting the unique aroma, flavor, and nutrition of Pakistani rice.
- Value-Added Products: Expanding into parboiled, organic rice, and ready-to-eat products.
- Market Expansion: Exploring new markets to reduce reliance on a few major buyers.
- Branding: Strengthening international visibility and recognition of Pakistani rice.
Government Support:
To further boost rice exports, the government can help by:
- Developing Infrastructure: Modernizing agricultural facilities to improve efficiency and cut costs.
- Easing Trade: Streamlining export processes to reduce delays and expenses.
- R&D Investment: Focusing on new rice varieties and better cultivation methods.
- Promoting Exports: Offering financial help, market intelligence, and training for exporters.
By focusing on these strategies, Pakistan can strengthen its rice exports, helping revive the economy and secure a competitive position in the global rice market.