Pakistan’s rice export sector achieved a remarkable milestone in the fiscal year 2023-24, witnessing a substantial growth of 74.8% to reach a record high of $3.68 billion. This surge was primarily fueled by India’s restrictions on rice exports during this period.
Compared to the previous year’s $2.11 billion, this significant increase stands out, far exceeding the average of $2.31 billion observed over the past five years, as reported by the State Bank of Pakistan.
India’s decision to limit rice exports, aimed at stabilizing domestic prices ahead of elections, created a favorable market opening for Pakistan. Consequently, Pakistan emerged as the top global rice exporter for the year.
This surge in rice exports played a pivotal role in Pakistan’s overall goods exports, which totaled $31.09 billion, marking an 11.5% increase from the previous year. The food sector, particularly rice, made a substantial contribution to this growth.
With India’s export restrictions in place, global buyers turned to Pakistan to fulfill their rice requirements, leading to heightened demand and increased export volumes for Pakistani rice producers.
Beyond its agricultural sector, the boost in rice exports also bolstered Pakistan’s economy by boosting foreign exchange reserves.
This robust performance in the rice export market underscores Pakistan’s competitiveness on a global scale and highlights the importance of strategic market positioning and policy frameworks.
The growth in exports signifies positive prospects for Pakistan’s economic future, signaling that with continued favorable conditions and effective policies, Pakistan can further expand its presence in international markets.