By Irfan Ahmed

ISLAMABAD, Aug 22 (INP-WealthPK): Pakistan’s rice exports witnessed a 0.86% decrease in the first month of the fiscal year 2022-23 to $138.582 million compared to $139.780 million in the same period of the fiscal year 2021-22, WealthPK reported quoting latest data of Pakistan Bureau of Statistics (PBS).

Pakistan exported 217,481 metric tonnes of rice in the first month of FY23 compared to 231,278 metric tonnes in the corresponding period of the previous fiscal year, a decrease of 46.16% in terms of quantity.

On a month-over-month (MoM) basis, rice exports decreased by 41.13% to $138.582 million in July 2022, compared to $235.390 million in the corresponding month of last year, according to the PBS data

                                                            Source: PBS website/WealthPK research

Basmati rice exports were recorded at $45.553 million in the first month of FY23 against the exports of $58.949 million in the same period of FY22, showing a drop of 22.72%. Basmati rice exports decreased by 27.48% on a MoM basis to 45.553 million in July 2022 compared to $62.818 million in June 2022.

Exports of other qualities of rice were recorded at $93.029 million in the first month of FY23 against the exports of $80.831 million in the corresponding period of FY22, showing a growth of 15.09%. On a MoM basis, exports of other qualities of rice were recorded at $93.029 million in July 2022, as compared to $172.572 million in June 2022, showing a drop of 46.09%.

The country’s total food group exports fetched $358.079 million in the first month of FY23 against the exports of $335.996 million in the corresponding period of the last fiscal year, showing a growth of 6.57%.

The country’s overall food group exports in July 2022 were $358.079 million compared to $499.170 million in June 2022, showing a decrease of 28.27%, the PBS data shows. 

The country’s total exports narrowed by 5.17% in July 2022 to $2.219 billion, down from $2.340 billion in July 2021.

Overall imports also shrunk by 12.81% and remained at $4.861 billion in July 2022 compared to $5.575 billion in July 2021. 

On the other hand, the country’s trade deficit dropped by 18.33% to $2.642 billion in July 2022, compared to $3.235 billion in the corresponding month of 2021.

                                                            Source: PBS website/WealthPK research

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.

Pakistan's economic growth is mostly reliant on revenue generated from exports. For enhancing rice exports, the government must place a strong priority on revising agriculture policies in favour of farmers.

Credit: Independent News Pakistan-WealthPk