Pakistan's rice exports hit record $2.1B in FY 2023

 In the difficult times, rice has emerged as the most profitable way to stabilize the fragile Pakistani economy. Pakistan is in the awe of taking the advantage of rice exports ban from India. Pakistan could be an option amid rising global rice market demand. Also, Pakistan is the 4th largest rice exporter in the world. Rice is the 2nd most exported commodity from Pakistan.

Pakistan rice exports prices could reach an all time high in 2023. As per the latest market trends, the rice for Pakistan exports was on average of $500 dollars during May 2023. It is increasing at the rate of 11% every month.

Last year, Pakistan's production volume dipped by 25% amid floods. This year, Pakistan's production could reach around 9 million tonnes of rice. That will assist Pakistan to expand its rice exports in the global market and generate more revenue. 

According to the Pakistan import export data reports, Pakistan had exported around 3.5 million tonnes of rice which includes various varieties of broken rice and basmati rice during July 2023 as compared to 5 million tonnes during the same period of last year. 

China was the most prominent importer of Pakistani rice with over 455 million dollars worth during last month. China's overall rice import shipments from Pakistan were estimated around 1 million dollars. It was the highest shipment volume recorded from China for Pakistan's rice imports.

 

Pakistan's basmati rice exports have seen monthly increase. As per Pakistan customs data, Pakistan's basmati rice exports during March 2023 saw an increase of 17% as compared to last year. While in February 2023, it was 39% more. Annually, Pakistan's rice exports are seeing a growth of $0.7 billion per annum.  

According to the historical Pakistan export data reports, Pakistan's rice exports totaled around 2.25 billion dollars during FY 2022. China was the leading rice importer during this period with over 16% share in Pakistan's total rice exports. Kazakhstan was the second leading rice importer from Pakistan. In 2022, Kazakhstan exported around 126 million worth of rice exports with over 5.5% share. 

Kazakhstan was followed by Malaysia with rice imports worth over 125 million dollars. Other major rice export destinations were the United Arab Emirates, Afghanistan, United Kingdom, Saudi Arabia, Belgium, Kenya, Italy and Somalia. China, Kazakhstan and Malaysia are the fastest growing markets for Pakistan's rice exports.

China alone covers over 90% share of Pakistan's total rice imports. Last year, there was a significant increase in rice imports by Pakistan due to bad harvest. As per China import data reports, Pakistan rice imports totaled to be 40 million dollars during 2021. The top rice exporters to Pakistan were China, United Arab Emirates, United States, Tanzania and India. 

Although, the Pakistan government is focusing on enhancing its agricultural production and so as its exports. The forecasts for Pakistan cereals crops exports seems to be positive for 2023. Through a market research platform like Exim GTIS, Pakistan suppliers can find genuine buyers for their products. 

It comes with Global import export data provider reports of over 200+ countries through which you can identify their product demand, price forecasts, analyze quantity, competitor and find genuine leads for their business. Exim GTIS is the most cost effective tool through which you can expand your agribusiness from Pakistan.