The United States Department of Agriculture (USDA) projects a substantial increase in Pakistan’s rice exports for the fiscal year 2023-2024, driven by a bumper crop and expanded market access to countries like Mexico and Russia. This surge is expected to reach 4.8 million tons, a 30% YoY growth compared to the previous fiscal year, bringing optimism to the nation’s agricultural sector.
According to the United States Department of Agriculture (USDA), Pakistan is set to witness a remarkable upswing in its rice exports in the fiscal year 2023-2024. This prediction aligns with an estimated rice output of approximately 9 million tons for the same period.
The USDA’s forecast paints a bright picture for Pakistan’s rice export sector, with an expected surge to 4.8 million tons, signifying a noteworthy 30% year-on-year growth compared to the previous fiscal year. It’s worth noting that Pakistan’s rice exports in the preceding year generated an impressive $2.5 billion in revenue for the nation.
This remarkable increase in rice exports can be attributed, in part, to the recent market access granted to countries like Mexico and Russia, thereby expanding Pakistan’s footprint in the global rice market.
In a significant achievement, Pakistan achieved a record-high rice production of 9.3 million tons in the fiscal year 2022-2023 while concurrently exporting a substantial 4.8 million tons of this essential commodity.
The USDA’s projections also anticipate a bumper harvest of all major crops in Pakistan for the upcoming fiscal year, including wheat, rice, sugarcane, corn, and cotton. These optimistic forecasts come as a welcome relief for Pakistani farmers who grappled with severe losses due to the devastating floods of 2022.
Moreover, the ban on non-basmati rice exports from India is expected to create favorable conditions for Pakistani exporters, enabling them to secure higher prices in the global market, further bolstering the nation’s agricultural economy.