By Irfan Ahmed ISLAMABAD, May 11 (INP-WealthPK): Pakistan’s rice exports witnessed a 14.96% growth during the first nine months (July-March) of the current fiscal year and reached $1.793 billion compared with $1.560 billion during the same period of the last fiscal year, reports WealthPk. As per the Pakistan Bureau of Statistics (PBS), Pakistan exported 3.54 million tonnes of rice in the first three quarters of the current fiscal year (2021-22) compared with 2.88 million tonnes during the corresponding period of the last fiscal year. On a year-on-year basis, exports increased by 13.71% and reached $253.008 million in March 2022 compared with $222.507 million in March 2021. Meantime, monthly rice exports fell 0.4% to $253.008 million in March 2022, compared with $254.049 million in February 2022. [caption id="attachment_67017" align="aligncenter" width="696"] Source: PBS website/WealthPK research[/caption] Basmati rice exports reached $496 million in July-March (2021-22) against $408 million in July-March (2020-21), showing a growth of 21.63%. Basmati exports decreased by 28.71% month-on-month to $63.822 million in March 2022 compared with $73.391 million in February 2022. On a year-on-year basis, Basmati exports decreased by 18.12% to $63.822 million in March 2022 from $77.944 million in March 2021. The other qualities of rice exports totalled $1.297 billion in July-March (2021-22) against $1.152 billion in July-March (2020-21), showing a growth of 12.60%. The country’s overall food group exports in March 2022 were $3.961 billion as compared with $3.331 billion in 2021, showing an increase of 18.92%. On a year-on-year basis, food group exports increased by 10.22% to $536.466 million in March 2022 as compared with $477.668 million in March 2021. The country’s total exports increased by 24.67% to $23.298 billion in the first nine months (July-March) of the current fiscal year 2021-22 compared with $18.687 billion during the same period of 2020-21. Imports climbed by 48.63% in the first nine months of the current fiscal year (July- March), reaching $58.691 billion, up from $39.489 billion in the same period the previous year. The country’s trade deficit widened by 70.14% to $35.393 billion during the first nine months of the current fiscal year 2021-22. [caption id="attachment_67016" align="aligncenter" width="696"] Source: PBS website/WealthPK research[/caption] According to Pakistan Economic Survey 2020-21, rice production in 2020-21 was 8.419 million tonnes. Rice exports are expected to increase to 4.2 million tonnes in 2021-22, up from 4 million tonnes in the previous year. Pakistan has one of the lowest per capita rice consumption rates in the region, at 18kg per year. Rice is not yet considered a mainstay of the Pakistani diet as it is in many other Asian countries. If Pakistan’s rice production rises, the country’s net exports will rise as well. Rice is among the world’s most important food crops. Pakistan has the potential to expand rice production to boost exports. To enhance rice output, the government should grant long-term loans to rice growers/farmers. Pakistan's economic growth mostly relies on revenue generated from exports. If the administration is serious about growing rice exports, it must place a strong priority on revising agriculture policies in favour of farmers.