Surge in Demand for Pakistani Rice in Global Market After India’s Export Ban
KARACHI: Following India’s recent ban on non-basmati rice exports, there has been an unprecedented rise in demand for Pakistani rice in the international market.
Chela Ram, Chairman of the Rice Exporters Association of Pakistan, reported a remarkable $100 per ton increase in the price of Pakistani non-basmati rice. Previously valued at $450 per ton before the Indian export ban, the price has now surged to $500, marking a $50 increment.
Anticipating the global appeal for its high-quality rice, Chela Ram predicted that the price of Pakistani non-basmati rice could potentially soar to $600 per ton. Notably, this year, rice prices from Thailand and Vietnam have also surpassed $600 per ton.
For the ongoing year, Pakistan has set an ambitious export target of 4.5 million tons of non-basmati rice and 1 million tons of basmati rice. Last year’s exports were 3.7 million tons of non-basmati rice worth $2.1 billion, impacted by crop damage from floods.
Furthermore, Russia is making a comeback in purchasing rice from Pakistan after a hiatus of 5 years. Twenty-seven Russian companies are set to sign agreements for the acquisition of non-basmati rice. Additionally, discussions are underway to explore potential rice exports to Mexico.
With these developments, the Chairman of the Rice Exporters Association envisions that Pakistan’s rice exports could exceed $3 billion this year.