INP-WealthPk

Rice exports increase by 20.99% in October

November 22, 2022

Irfan Ahmed

Pakistan’s rice exports surged by 20.99% to $143.800 million in October 2022 compared to $118.852 million in September 2022, according to the Pakistan Bureau of Statistics (PBS).

However, a decrease of 8.22% was witnessed in rice exports in the first four months (July-October) of the fiscal year 2022-23, which stayed at $545.708 million compared to $594,600 million in the same period of the fiscal year 2021-2. In terms of quantity, Pakistan exported 121,431 metric tons of rice in the first four months of the fiscal year 2022-23, a decrease of 11.58% from 1,091,790 metric tons in the same period last year. On year-on-year (YoY) basis, rice exports decreased by 16.11% at $143.800 million in October 2022 compared to $171.408 million in the corresponding month of last year, WealthPK reported.

Source: PBS website/WealthPK research

Basmati rice exports were recorded at $181.852 million in the first four months of the fiscal year 2022-23 against the exports of $198.526 million in the same period of the fiscal year 2021-22, showing a drop of 8.40%. Exports of basmati rice decreased by 12.32% on month-on-month (MoM) basis to 51.569 million in October 2022 from $42.803 million in September 2022.

On the other hand, basmati rice exports increased yearly by 14.97% to $51.569 million in October 2022 compared to $44.855 million in October 2021. Exports of other qualities of rice were recorded at $363.856 million in the first four months of FY23 against the exports of $396.074 million in the corresponding period of the last fiscal year 2021-22, showing a decrease of 8.13%.

On MoM basis, exports of other qualities of rice were recorded at $92.231 million in October 2022 compared to $76.049 million in September 2022, showing an increase of 21.28%.  The country’s total food group exports fetched $1.494 billion in 4M FY23 against the exports of $1.433 billion in the corresponding period of the last fiscal year, showing a growth of 4.27%. The country’s overall food group exports in October 2022 were $415.347 million compared to $354.816 million in September 2022, showing an increase of 17.06%.

On YoY basis, food group exports increased by 0.56% to $415.347 million in October 2022 compared to $413.036 million in October 2021. The country’s total exports increased by 0.94% and remained at $9.549 billion in the first four months (July-October) of the current fiscal year 2022-23 compared to $9.460 billion during the same period of the last fiscal year 2021-22.

On the other hand, overall imports shrunk by 16.21% in the first four months of the current fiscal year, staying at $21.018 billion, down from $25.084 billion in the same period the previous year. The country’s trade deficit shrank by 26.59% to $11.469 billion during the period under review.

Source: PBS website/WealthPK research

In Pakistan, rice is not yet considered a mainstay of the diet as it is in many other Asian countries. If Pakistan’s rice production rises, the country’s net exports will increase as well. According to economic experts, to increase rice production, Pakistan should grant long-term loans to rice growers. Rice is one of the most important crops in the world. Pakistan has the potential to expand rice production to boost exports. Pakistan's economic growth is mostly reliant on revenue generated from exports. The government must prioritise revising agriculture policies in favour of farmers for swift growth in the agriculture sector.

Credit : Independent News Pakistan-WealthPk