Pakistan’s rice exports experienced a remarkable growth of 74.8%, reaching a record $3.68 billion in the fiscal year 2023-24. This significant increase was largely due to India’s export restrictions during this period.
According to data from the State Bank of Pakistan, rice exports surged from $2.11 billion the previous year, showing a substantial rise from the average of $2.31 billion over the past five years.
India’s export restrictions, which were implemented to stabilize domestic prices before elections, created an opportunity for Pakistan. As a result, Pakistan became the largest rice exporter this year.
This boost in rice exports played a key role in Pakistan’s overall goods exports, which totaled $31.09 billion, marking an 11.5% increase from the previous year. The food sector, especially rice exports, made a significant contribution to this growth.
With India’s export restrictions in place, international buyers turned to Pakistan for their rice needs. This led to increased demand and higher export volumes for Pakistani rice.
The increase in rice exports not only benefited the agricultural sector but also positively impacted the economy by bringing in more foreign exchange.
The strong performance in the rice export market highlights Pakistan’s potential to compete on a global scale and underscores the importance of strategic market positioning.
This growth in exports is a positive sign for the country’s economic future, indicating that with the right conditions and policies, Pakistan can continue to expand its presence in international markets.
