By Irfan Ahmed

ISLAMABAD, July 21: Pakistan’s rice exports witnessed a growth of 23% during the fiscal year 2021-22 to reach $2.511 billion compared to $2.041 billion during FY 2020-21, reports WealthPK quoting the latest data of Pakistan Bureau of Statistics (PBS).

As per the PBS data, Pakistan exported 4.877 million tonnes of rice during the fiscal year 2021-22 compared to 3.684 million tonnes during FY20-21.  

On year-over-year (YoY) basis, rice exports increased by 26.88% to reach $235.390 million in June 2022, compared to $185.526 million in the same month of 2021, according to the PBS data. The country's monthly rice exports surged by 4.75% to $235.390 million in June 2022 compared to $224.721 million in May 2022.

Basmati rice exports were recorded at $695.318 million in the fiscal year 2021-22 against the exports of $569.493 million in the fiscal year 2020-21, showing a growth of 22.09%. Basmati rice exports increased by 3.48% month-over-month (MoM) to 62.818 million in June 2022 compared to $60.708 million in May 2022.

On YoY basis, basmati rice exports increased by 0.52% to $62.818 million in June 2022 compared to $62.495 million in June 2021.

Exports of other qualities of rice were recorded at $1.816 billion in the fiscal year 2021-22 against the exports of $1.472 billion in the fiscal year 2020-21, showing a growth of 23.36%.

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 increase rice production to boost exports. To enhance rice output, the government should grant long-term and easy loans to rice growers.

Pakistan's economic growth is mostly reliant on revenue generated from exports. It is the need of hour that the government places a strong priority on revising agriculture policies in favour of farmers.

Credits: INP-WealthPk