By Irfan Ahmed ISLAMABAD, April 04 (INP-WealthPK): Pakistan’s Basmati rice exports grew by 50.75% month-on-month (MoM) to $73.113 million in February 2022, as compared to $48.498 million in February 2021. The country’s overall monthly rice exports increased by 55.42% and reached $252.666 million in February 2022 compared to $220.078 million in January 2022, according to Pakistan Bureau of Statistics (PBS). The country’s overall food group exports in February 2022 were $481.992 million as compared to $470.821 million in the corresponding period of last year, showing an increase of 2.37%, reported WealthPK. The country’s rice exports witnessed 15.07% growth during the first eight months (July- February) of the current fiscal year and reached $1.539 billion compared to $1.337 billion during the same period of the last fiscal year. [caption id="attachment_65592" align="aligncenter" width="696"] Source: PBS website/WealthPK research[/caption] Rice exports witnessed 40.15% YoY growth in February 2022, as compared to $180.288 million in February 2021. The overall exports of knitwear during February 2022 were Rs73.131 billion, readymade garments Rs62.5 billion, bedwear Rs46.308 billion, cotton cloth Rs41.308 billion, rice (others) Rs31.688 billion, cotton yarn Rs22.505 billion, towels Rs17.782 billion, rice (Basmati) Rs12.309 billion), made-up articles (excluding towels & bedwear) Rs11.474 billion and plastic materials Rs8.247 billion. Main commodities of imports during February 2022 were petroleum products worth Rs91.858 billion, petroleum crude Rs63.486 billion, natural gas liquefied Rs54.523 billion, palm oil Rs54.358 billion, plastic materials Rs44.855 billion, medicinal products Rs44.091 billion, iron & steel Rs41.267 billion, iron & steel scrap Rs37.606 billion, electrical machinery Rs29.875 billion, and mobile phones Rs24.921 billion. Pakistan’s exports increased by 25.95% and reached $20.559 billion during the first eight months (July-February) of the current fiscal year 2021-22 compared to $16.323 billion during the same period of 2020-21. Imports climbed by 55.07% in the first eight months of the current fiscal year, reaching $52.505 billion, up from $30.858 billion in the same period of the previous fiscal year. The country’s trade deficit widened by 82.18% from $17.535 billion in July-February 2020-21 to $31.946 billion in July- February 2021-22. The figure widened by 21.87% in February 2022 and reached $3.087 billion compared to $2.533 billion in February 2021. [caption id="attachment_65591" align="aligncenter" width="696"] Source: PBS website/WealthPK research[/caption] According to Pakistan Economic Survey 2020-21, Pakistan’s rice production was 8.419 million tonnes in 2020-21. 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 in order to boost exports. To enhance rice output, the government should grant long-term loans to rice growers/farmers. Pakistan’s economic growth is mainly dependent on its exports by earning income from abroad. If the administration is serious about increasing rice exports, it must further improve the agriculture policy in favour of farmers.