Irfan Ahmed

Pakistan rice exports witnessed an increase of 0.73% in the first two months of the fiscal year 2022-23 which reached $282.312 million compared to $280.259 million in the same period of the fiscal year 2021-22, WealthPK reported. In terms of quantity, Pakistan exported 438,220 metric tons of rice in July-August FY23, a decrease of 8.94% from 481,254 metric tons in the same period of FY22. According to the latest data of Pakistan Bureau of Statistics (PBS), rice exports increased by 2.31% on year-over-year (YoY) basis to reach $143.730 million in August 2022 compared to $140.479 million in the corresponding month of last year. Meanwhile, in August 2022, rice exports increased by 3.71% to $143.730 million from $138.582 million in July 2022.

Source: PBS website/WealthPK research
Basmati rice exports were recorded at $87.109 million in the first two months of the fiscal year 2022-23 against the exports of $102.015 million in the same period of the fiscal year 2021-22, showing a drop of 14.61%. The export of basmati rice decreased by 20.85% on month-over-month (MoM) basis to 41.556 million in August 2022 from $45.154 million in July 2022. On YoY basis, basmati rice exports decreased by 3.51% to $41.556 million in August 2022 compared to $43.066 million in August 2021. Exports of other qualities of rice were recorded at $195.203 million in the first two months of FY23 against the exports of $178.244 million in the corresponding period of FY22, showing a growth of 9.51%.

On MoM basis, exports of other qualities of rice were recorded at $102.174 million in August 2022, as compared to $93.029 million in July 2022, showing an increase of 9.83%. Pakistan’s total food group exports fetched $725.024 million in the first two months of FY23 against the exports of $660.345 million in the corresponding period of FY22, showing a growth of 9.79%. The country’s overall food group exports in August 2022 were $366.945 million compared to $358.079 million in July 2022, showing an increase of 2.48%.

On YoY basis, food group exports increased by 13.13% to $366.945 million in August 2022 compared to $324.349 million in August 2021. The country’s total exports increased by 3.75% and remained at $4.759 billion in July-August FY23 compared to $4.587 billion in the corresponding period of FY22. On the other hand, overall imports shrunk by 9.25% during the period under review, reaching $11.028 billion, down from $12.152 billion in the same period the previous year. Meanwhile, the country’s trade deficit reduced by 17.13% to $6.269 billion in the first two months of the current fiscal year.

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 rise as well. Pakistan has the potential to expand rice production to boost exports. To do this, Pakistan should grant long-term loans to rice growers. Pakistan's economic growth is mostly reliant on revenue generated from exports. The government must place a strong priority on revising agriculture policies in favour of farmers to boost exports.

Credit: Independent News Pakistan-WealthPk