Indian curbs to propel Pakistan's rice exports towards record high
Due to competitor India’s decision to reduce its own shipments, Pakistan is expected to export more rice than ever before in the year that ends in June. This is because Islamabad is selling the grain at rates that are over 16 years higher than they have been in the past. The world’s largest exporter, India, placed curbs on shipments last year. The record exports are relieving some of those restrictions and will help Pakistan replenish its depleted foreign exchange reserves, which are essential for paying for imports. “We’ve seen a solid demand for rice in the last few months, mainly because India stopped exporting,” Chela Ram Kewlani, chairman of Rice Exporters Association of Pakistan (REAP) told Reuters. India, which ships about 40% of global rice, unexpectedly prohibited shipments of non-basmati white rice last year and placed export duties on parboiled rice. Pakistan’s exports might reach 5 million metric tonnes in the fiscal year 2023/24, up from 3.7 million tonnes the previous...