Pakistan’s rice exports hit record high in FY24 amid India ban, El Nino effect

Pakistan exported 6.0 million tons of rice worth $3.9 billion in fiscal year 2023-2024.

Data from Pakistan Bureau of Statistics (PBS) showed that this was the highest-ever export quantity. In December alone, exports hit a record of 519,000 tons, amounting to $850 million.

This increase in exports has been attributed to the Indian government’s ban on exporting non-Basmati rice last year and the El Nino effect.

El Nino is a natural phenomenon during which sea surface temperatures rise in the Pacific Ocean’s central and eastern regions. Due to reduced rainfall and the warmer weather, Asian countries such as Vietnam, Cambodia, Malaysia, and Indonesia saw lower rice production and had to import.

PBS data showed that rice exports grew by 83% YoY in value terms, reaching $3.9 billion.

They grew by 62% YoY in quantity, totaling 6.0 million tons.

Rice holds the largest share in Pakistan’s food exports, which rose to 53% in FY24 from 43% in FY23.

However, there are concerns that Pakistan’s rice exports may not be as high this fiscal year as India — the world’s largest rice exporter — re-enters the market.

But exporters who spoke to Nukta said Pakistan’s exports were of good quality and the country was expected to retain its market share.