Soaring exports ramp up rice prices

By
Staff
-
38
679

LAHORE – High exports have triggered a 25-30 percent increase in rice prices, market sources told Pakistan Today. Rice prices had stayed stable in the market in December as new rice (Kernal super) was available for Rs 2,800-3,000 per 50 kg or Rs 56-60 per kg. However, currently, prices have ballooned and are touching Rs 3,400-3,700 per 50 kg. Similarly, the prices of Basmati-386 have jumped to Rs 2,650 per 50 kg, whereas earlier, it was being sold for Rs 2,200 per 50 kg.
Prices of stocked rice of last year have also undergone an increase of Rs 10-15 per kg. It was being sold for Rs 70-80 per kg, but recently a shoot to Rs 80-95 per kg has been witnessed. Traders claimed that the increasing prices are largely driven by hefty export orders. They welcomed the increase in rice orders, as a stagnant market in the last two years had prevailed.
A trader of Akbari Mandi Usman Butt said that the arrival of the new crop normally pushes rice prices down. However, this year, prices have increased by around 25-30 percent. He stated that prices were considerably less in December, but it has shown a sharp increase in the last two to three weeks. “The prices would not increase than this level, as the production of crop is sufficient to meet demand and achieve good exports,” he said. He further said that the government should be vigilant about exports so that the prices do not get out of control.
Another trader Sajjad Malhi said that onion prices have increased sharply, largely driven by greater exports and shortage in local market. He said the government should not ban export of rice, as it did in the case of onion, but should look to strike a balance in exports of rice. “The good export of rice would be beneficial for all sectors including farmers, exporters and traders,” he said. He, however, added that meeting the demand of local market should be the top priority.
Rice Exporter Association of Pakistan (REAP) Vice Chairman Toufique Khan said that rice exports have touched $1.0 billion mark and the exporters were targeting $2.0 billion in the coming three to four months. He said that a good crop of kernel and basmati this year has helped the upward revisions in export.
“In Sindh, rice crop of Erri-6 has been damaged due to floods,” he said, adding that it was an honour for Pakistan to touch such levels in rice export. He said the prices of rice are very attractive in the international market, in comparison to last year. “This year, the price of kernel stand at $800 per tonne, while last year it was quite low.” He expressed firm belief that rising rice exports would not impact the local market.

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38 COMMENTS

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