Pakistan's rice exports hit record $2 Billion in 2023

 

Rice is the main agricultural crop of Pakistan. It is the most prominent export of Pakistan. Pakistan stands 4th on the list of world’s leading rice exporters. According to Pakistan import export data reports, over $2.8 billion worth of rice exports were recorded during 2023. The major categories include milled, semi-milled, parboiled and basmati rice. As compared to $2.3 billion rice exports during 2022, there was a notable amount of increase in the rice exports from Pakistan.

As per Pakistan export data, during December and November month, the highest number of rice shipments were recorded. During December and November month, Pakistan's rice exports turnover was $500 million. Basmati rice was the most exported item from Pakistan accounting for $734 million worth of rice exports with 25.9% market share. Whereas, parboiled rice exports recorded $675 million revenue in 2023. 

Indonesia was the biggest rice importer from Pakistan responsible for 8.6% of Pakistan's overall rice exports. Whereas, Malaysia, Afghanistan, Kenya and the United Arab Emirates were responsible for 7.74%, 6.67%, 6.55%, 6.52% share respectively. Among the fastest growing markets were the United Kingdom, Saudi Arabia, Belgium, Italy and Tanzania. 

During this period, Garibsons, a leading rice export company from Pakistan recorded $1.94 billion with 6.85% share in the country's overall exports. Meskay & Femtee Trading, Asif Rice Mills and Hassan Ali Rice Export Company were the fastest growing rice export companies from Pakistan. Padiberas Nasional Berhad from Malaysia, Perum Bulog from Indonesia and Vivien Paille were responsible for the maximum number of rice import shipments from Pakistan.

On the other hand, Pakistan import data suggest $120 million worth of rice imports during 2023. During May and April, Pakistan imported nearly $76 million worth of rice which was the highest value recorded in 2023. China was the leading rice supplier to Pakistan accounting for 86% of the country's total rice exports. A notable amount of Pakistan's rice import shipments came from Thailand, South Korea and Italy. 

The latest Pakistan customs data reports a 200% increase in January 2024. Over $478 million worth of rice exports were recorded in January 2024. The exports basically rose due to India's ban on rice exports. This came as a blessing for Pakistan whose Basmati rice exports soared to 64% and stood at around $89 million last month. Whereas, broken, parboiled rice exports accounted for $385 million during January 2024.

There is very high demand for rice in the international market. Experts predict that the country's rice exports could reach a record 5 million metric tonnes in 2024. Pakistani rice export companies can generate more revenue by heading towards the global import export data provider. Through accurate global trade information, Pakistan’s rice export companies could access rice demand internationally, gain insights over product pricing, quantity, importers, exporters, ports volume reports. 

Pakistani companies can extract potential leads from the international market. A global trade database provides real time access to genuine rice buyers from 200+ countries. This will help companies expand their reach globally and generate more ROI for their business. A data based approach could help companies analyze the global market better, mitigate financial risk and achieve their business goals.