The global demand for rice from Pakistan grew by 50%
The demand for Pakistani rice has increased significantly, rising by 50% on a global scale. Remarkably, India usually accounts for a sizeable 40% of the global rice trade.
The Modi government in India has banned rice exports since July in an action motivated by electoral concerns. Although it is anticipated that this decision will result in lower rice prices in India, over 150 other countries will also be impacted.
On the other hand, Pakistan has benefited from India’s export prohibition. Pakistan has profited handsomely from this circumstance, selling 2.5 million tons of rice and earning $1.5 billion in revenue in the first half of the current fiscal year, according to figures from the State Bank.
The United Nations has prohibited Indian exporters from taking part in rice procurement contracts run by the World Food Program due to criticism of India’s decision to stop exporting rice.
At the same time, Pakistan has aggressively taken advantage of the chance to export rice to other countries, such as Indonesia, Mexico, and Russia. According to projections, Pakistan is expected to break sales records for rice during the current fiscal year.
Pakistan’s rice exports hit a significant $1 billion in value in the first half of 2023 alone. Pakistan has become a major player in the global rice market as a result of India withdrawing.
In the first half of the current fiscal year, rice exports from Pakistan have already reached $1.5 billion, according to the State Bank of Pakistan.
Commodity specialist Shamsul Islam Khan believes Pakistan is set up for extraordinary success. He projects that the nation will export a record 5 million tons of rice this fiscal year, which is worth an incredible $3 billion.
This change in the dynamics is a reflection of Pakistan’s improved standing in the world rice market, which has been bolstered by both its own aggressive initiatives and outside events that have an impact on significant rivals.
I am a dedicated student currently in my seventh semester, pursuing a degree in International Relations. Alongside my academic pursuits, I am actively engaged in the professional field as a content writer at the Rangeinn website.
