Pakistan’s rice exports fell in the course of the first half of the present fiscal yr as world rice costs dropped by almost 50 p.c, the Nationwide Meeting Standing Committee on Commerce was knowledgeable on Monday.
Elevated world rice manufacturing and the resumption of exports by India after restrictions in 2023–24 led to a pointy decline in worldwide costs. India’s return to the market created a worth hole of round $20 per ton between Pakistani and Indian rice.
The committee was additionally knowledgeable that Pakistan presently holds rice shares value about $2 billion, whereas giant portions have been bought by stockists, together with traders from the true property sector. Officers additional disclosed that Pakistani basmati rice was being offered in Iran underneath the title of “basmati bread.”
In the course of the assembly, issues have been raised over the discharge of Rs. 15 billion to rice exporters from the Export Growth Fund, with members in search of clarification on the approval course of. Officers mentioned the help was prolonged to supply reduction to rice exporters for the reason that sector had not beforehand acquired such help, not like the textile sector, which has benefited from comparable measures previously.