Bloomberg: Pakistan Set To Break Record Of Rice Exports This Year
The increase in exports is due to several factors, including Russia's recent lifting of ban on importing Pakistani rice.
The export of rice from Pakistan is forecast to reach a record level this year due to bumper production, a weaker currency, and Russia’s move to scrap the ban on importing Pakistani rice.
This was revealed by the major global distributor of financial data, Bloomberg.
Pakistan’s rice exports are expected to rise as much as 15% from the previous year to more than 6 million tons in 2021.
According to Bloomberg, this surge in exports will be beneficial for the Pakistani economy.
This comes as the incumbent government tries to revive the fragile economy with the help of the International Monetary Fund (IMF) and aims to cut imports and boost overseas sales.
Syed Waseem-ul-Hassan, the Food Security Commissioner at the Ministry of National Food Security & Research, informed Bloomberg that the Russian lifting of the ban on importing Pakistani rice would help boost the South Asian country’s overall exports.
“We have got access to the Russian market, and our (rice) exports to that region will rise by as much as 200,000 tons,” he said.
The commissioner added that the total exports are forecast to increase by 10%-15% on a year-on-year (YoY) basis as the government aims to increase shipments to regions like those in Africa.
Meanwhile, Pakistan is also witnessing increased buying from other countries, such as Ukraine, Tajikistan, and Turkmenistan.
It is pertinent to note that rice from Pakistan is considered one of the best globally, with the South Asian nation exporting rice to around 140 countries worldwide.
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