Karachi (February 11, 2018): Rice exports crossed the $1 billion mark during the first seven months of this fiscal year, said Rice Exporters Association of Pakistan (Reap) Senior Vice-Chairman Rafique Suleman on Friday.
Sharing data for the seven-month period (July-January) of 2017-18, he said that so far 2.28 million tonnes of rice amounting to $1.06bn were exported against 1.971m tonnes exports worth $820m for the same period a year ago.“It shows a 29 per cent growth in terms of value and 15pc in terms of quantity as the sector breaks out of the crisis it had been facing for the last three years.”
He hoped that over 4m tonnes rice export target for the this fiscal year would be achieved.
Mr Suleman said they were eyeing European countries where India is set to lose its market as pesticide residue had been found in its rice.
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He said so far Kenya is the largest buyer of Pakistani rice as during the current total 284,000 tonnes of rice amounting to $102m had been exported to it.
The Reap official said that exports to China, the second largest destination of Pakistani rice, were on the decline.