Pakistan to export $3 billion rice this year

[Naveed Yaseen]

KARACHI: Due to the good harvesting of rice Pakistan will export its 21 percent surplus output in the current fiscal year, Chairman Rice Exporters Associations of Pakistan (REAP), Muhammad Azhar told Daily Times Saturday.

Azhar said that because of good harvesting this year about 4 million tonnes of rice would be exported. He added that rice worth $250 million has already been exported during July-August this year, which is 300 percent more as compared to 2006-07. Rice, a high valued cash crop, accounts for about 8 percent of Pakistani exports and 1.2 percent of gross domestic product.

He said that 4 million tonnes of rice valued at $3 billion would be exported during the current fiscal year, which is 50 percent more when compared to the last year $2 billion. Replying a question he said that the local market wholesale price of rice has dropped down by 30 percent, but the retailers were not passing on the benefit to the people.

Chairman REAP said that reduced under invoicing has also increased the Pakistani rice export. He added due to the global food shortage the demand of Pakistani rice in the international market has increased, fuelling export of Pakistani rice. moonis ahmed

http://www.dailytimes.com.pk/default.asp...2008_pg5_7