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+--- Thread: Rice exporters earn huge margins, domestic prices up (/showthread.php?tid=486)
Rice exporters earn huge margins, domestic prices up - Naveed Yaseen - 07-23-2008 05:05 AM
By Moonis Ahmed
KARACHI: Rice exporters earned around 61 percent in value during outgoing fiscal year, while consumers paid higher price for the commodity due at home to price and demand increase in the international market, exporters said Tuesday.
According to the figures of Federal Bureau of Statistics (FBS), a total of 3.339 million tonnes ($1.818 million) of rice were exported during June-July 2007-08 as compared to the 3.129 million tonnes ($1.125 million) in the corresponding period of the last year.
Pakistan fell short to achieve the rice export target for the fiscal year 2006-07 due to the low production and non-availability of surplus quantity for exports, but in the fiscal year 2007-08 Pakistan recovered in exports and exports gained strength as compared to the previous years.
Chairman Rice Exporters Association of Pakistan (REAP), Muhammad Azhar Akhatr said Pakistani rice export has increased due to the stop of under invoicing, which had been done previously.
He said due to the globally food shortage and demand of Pakistani rice in the international market, export of rice in the country increased.
Mr Azhar said next rice export target would also be achieved easily if the weather and water supply condition remained feasible besides no untoward mishap happens during the period.
A leading rice exporter said the increase in the rice export even it was not very extra ordinary, almost doubled as compared to the exports in last year.
He said the rice crop had been very beneficial for the exporters and it helped to boost our export in the international market. “Another big reason of increase in exports that was the increase in the cultivation area of the crop”, he added.
He said rice crop had been cultivated over 10 percent more area, replacing the sugar, cotton and corn crops.
He said due to the increase in demand, the price was rapidly rising in the international market and Pakistani exporters exported the produce in large volumes, “That is why the local prices are rising”.
In East European region, India has a very strong hold and to compete it, REAP has to work hard as demand for Basmati rice was rapidly increasing.
Some rice traders in the domestic grain market complained that unchecked exports of rice had created shortage in the domestic market, and this had pushed up prices.
http://www.dailytimes.com.pk/default.asp?page=2008\07\23\story_23-7-2008_pg5_7