Pakistan eyes $7bn rice exports to support economy

Pakistan’s Commerce Minister Jam Kamal said on Monday the country aimed to boost its rice exports from the existing $4 billion to as much as $7 billion to support its dwindling economy, media reported.

Kamal said this during a meeting with the Rice Exporters Association of Pakistan (REAP) representatives. Rice exports play a vital role in Pakistan’s economy, ranking second in export value after cotton. Pakistan is trying to navigate a prolonged economic crisis by actively pursuing foreign investments and enhanced trade opportunities, while it has also reached a staff-level agreement with the International Monetary Fund (IMF) for a $7 billion loan.

The South Asian holds 25 percent of the European rice export market, compared to India’s 16 percent, and there is a need for collaboration between the government and exporters to maintain this competitive edge, according to the commerce minister. “Rice exports play a vital role in Pakistan’s economy, ranking second in export value after cotton,” Kamal was quoted as saying by the state-run APP news agency.

“Rice exporters are a primary source of revenue and employment, with the government aiming to increase exports from $4 billion to $6-7 billion in the near future.” Pakistan exported rice worth $3.9 billion this year as compared to $2.15 billion last year. It has also withdrawn the minimum export price for all rice varieties to compete with Indian exporters in the global market.