Pakistan’s Rice Exports Surge to $4 Billion in FY 2024 Amid Favorable Conditions and India’s Export Ban
ISLAMABAD: Pakistan generated $4 billion in revenue during the financial year 2024 by exporting over six million tons of rice, marking a significant increase from last year’s $2.15 billion. This surge in exports was attributed to favorable weather, abundant agricultural resources, and strategic market opportunities resulting from India’s temporary export ban.
The rise in Pakistan’s rice exports coincided with India’s more-than-a-year-long ban on rice exports to meet its domestic needs. India lifted the ban in September, prompting Pakistan to remove the minimum export price (MEP) on all rice varieties to remain competitive in global markets.
India and Pakistan are the world’s only producers of basmati rice, known for its distinctive aroma and flavor. While India is the largest exporter of rice globally, Pakistan ranks second, followed closely by Thailand and Vietnam.
Economic Boost with Institutional Support
According to state media, the $4 billion revenue milestone was achieved with assistance from the Special Investment Facilitation Council (SIFC), a hybrid civil-military body formed to attract foreign investment into key economic sectors.
“Pakistan earned $4 billion from rice exports during FY 2024, thanks to favorable weather conditions and an ample supply of agricultural resources,” reported Radio Pakistan.
Future Export Targets and Strategic Planning
Former chairman of the Rice Exporters Association of Pakistan, Shahjahan Malik, revealed that exporters have now set a new target of $5 billion for the next fiscal year. Malik emphasized the need for a robust strategy centered on “modern seed research and quality agricultural practices” to boost rice production and maintain export momentum.
In a related development, Pakistan’s Commerce Minister Jam Kamal recently announced that the government aims to elevate rice export revenues to as high as $7 billion in the coming years to support the country’s struggling economy.
