October 03, 2023 (MLN): Pakistan's rice output is forecasted to reach around 9 million tons in the fiscal year 2023-2024, according to the forecast by the United States Department of Agriculture (USDA).
Accordingly, rice exports are expected to rise to 4.8m tons, as compared to the last fiscal year's 3.7m tons of rice exports, a rise of around 30% YoY.
To note, last year’s rice exports generated a revenue worth $2.5 billion for the country.
This increase in exports is attributed to recent market access granted to Mexico and Russia, expanding Pakistan's reach in the global rice market.
It is worth noting that in FY22, Pakistan produced a record-high 9.3m tons of rice, while simultaneously exporting an impressive 4.8m tons of this staple commodity.
The USDA forecasts a bumper harvest of all major crops in Pakistan for 2023/24. Major crops in the country include wheat, rice, sugarcane, corn, and cotton.
These offer welcome relief for Pakistani farmers who suffered devastating losses in the epic floods 2022.
Furthermore, India's ban on non-basmati rice exports will likely help Pakistani exporters fetch higher prices on the world market.
