Rice exports from Pakistan are on track to surpass $4 billion by the conclusion of the fiscal year 2023-24.
Notably, shipments of non-Basmati coarse rice have been particularly leading, with March 2024 witnessing a surge in both value and quantity.
Compared to the previous year, shipments soared by 89.74% in terms of value, reaching a total of $330.453 million, while quantity saw an impressive increase of 65.95%, with 545,000 metric tons recorded.
“Basmatic rice exports are increasing, but the pace is slowing down,” said Shamsul Islam Khan, a prominent commodities connoisseur, seasoned rice exporter, former Member of the Managing Committee of the Rice Exporters Association of Pakistan (REAP), and former Vice President of the Karachi Chamber of Commerce & Industry (KCCI). “In March, shipments totaled 72,919 metric tons, valued at $82.946 million. This reflects a 19.39% increase in terms of value and a 13.35% increase in terms of quantity.”
During 9MFY24 (Jul – March 2024), a historic high 4.005 million M/Tons coarse rice was exported, up 60 percent compared to 2.509 million M/Tons in 9MFY23 and total rice exports of 3.6 million M/Tons in the entire FY2023.
“During the first nine months of fiscal year 2023-24, Basmati rice exports totaled 545,220 metric tons, marking a significant 27% increase compared to the same period in FY23, which saw exports of 430,543 metric tons. Pakistan has garnered $2.931 billion in revenue from the export of a total of 4.55 million metric tons of rice during this period, including 545,005 metric tons of Basmati rice and 4.005 million metric tons of other varieties,” Shams told ProPakistani.
Kenya in Africa has emerged as the single largest rice export destination where Pakistan has exported 107,808.26 M/tons of rice amounting to US$65.43 million in 9MFY24 compared to 56,904.38 M/Tons valued at $25.97 million in 9MFY23.
Among Far East countries, Malaysia ranked as the top destination for Pakistan’s rice exports, with 73,144.91 metric tons exported, amounting to $43.68 million during the first nine months of 2023-24. This represents a significant increase compared to the same period in fiscal year 2022-23, which saw exports of 38,880 metric tons valued at $17.97 million.
Indonesia was the second largest buyer in the Far East, buying 61,119.00 M/tons amounting to $ 38.42 million in 9MFY24 compared to 1,560.00 M/tons of $ 0.67 million in 9MFY23, Shams elaborated on details of rice exports to ProPakistani.
Pakistan’s largest export destination amongst bordering countries in 9 months of FY24 was Afghanistan, which imported 51,021.73 M/tons valued at $32.46 million compared to 36,281.52 M/tons valued at $10.15 million in the same period of FY23.
In GCC, Saudi Arabia was the largest buyer during 9MFY24 buying 21,740.02 M/tons of rice worth $20.10 million as compared to 13,346.85 M/tons valued at $12.12 million in the same period of FY 2023.
Pakistan’s rice exports to the UAE during 9MFY24 have fallen drastically to 19,157.49 M/tons valued at $16.27 million compared to shipments of 34,067.10 made in 9MFY23 of $26.18 million.
Oman showed keen interest in increasing rice imports from Pakistan, importing 10,017.98 M/tons valued at $10.32 million compared to 4,913.94 M/tons worth $4.59 million in 9MFY23.
During the nine months spanning July to March 2024, rice exports to the UK, Italy, and the Netherlands witnessed an increase, while exports to Belgium decreased. Specifically, exports to the UK amounted to 15,896.86 metric tons valued at $14.25 million, compared to 12,391.14 metric tons worth $14.53 million in the same period of the fiscal year 2022-23.
Italy imported 10,953.16 metric tons valued at $11 million during 9MFY24, a notable rise from 6,872.49 metric tons worth $8.06 million in the corresponding period of the previous fiscal year.
During 9MFY23, Belgium was the largest importer of Pakistani rice, and I bought 16,415.52 M/tons valued at $22.41 million, but during 9 months of the current fiscal year exported 11,134.60 M/tons of value $10.41 million.
“Keeping in view the export performance of the rice sector during the past 9 months of FY2024, I can forecast that Pakistan may bag more than $4 billion easily through rice exports by the end of the current fiscal year,” Shams added.
