Pakistan’s rice exports saw an impressive 74.8% increase, reaching a record $3.68 billion in the fiscal year 2023-24. This remarkable growth is attributed largely to India’s export restrictions during the same period.
According to the State Bank of Pakistan, rice exports surged from $2.11 billion the previous year, showing a substantial rise from the five-year average of $2.31 billion. India’s export restrictions, implemented to stabilize domestic prices ahead of elections, created an opportunity for Pakistan to become the largest rice exporter this year.
This boost in rice exports significantly contributed to Pakistan’s overall goods exports, which totaled $31.09 billion—a notable 11.5% increase from the previous year. The food sector, especially rice exports, played a crucial role in this growth.
With India’s export restrictions in place, international buyers turned to Pakistan for their rice needs, leading to increased demand and higher export volumes. This surge 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 underscores Pakistan’s potential to compete globally and highlights the importance of strategic market positioning. This growth is a positive indicator for the country’s economic future, showing that with the right conditions and policies, Pakistan can continue to expand its presence in international markets.