Pakistan rice exports hit record following Indian sales ban

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Pakistan is selling record amounts of rice to global markets as it profits from trade restrictions introduced last year by India, the world’s biggest exporter.  Rice exports from Pakistan, the fourth-largest exporter, surged to almost 5.6mn tonnes in the 11 months to the end of May, up nearly 60 per cent on the same period a year earlier, according to official statistics. The value of Pakistan’s rice exports rose to $3.6bn over the period, up from $2bn in July to May 2022-23. Its previous record was 4.8mn metric tonnes of rice exports, valued at about $2.5bn in 2021-22. The boom follows India’s decision to impose export restrictions on certain types of rice last year, in an effort to curb rising domestic prices ahead of parliamentary elections after a volatile monsoon disrupted production and spurred fears of a supply shortage. “With India imposing export restrictions . . . Pakistan emerged as a low-cost alternative,” said Elvis John, an associate editor for agricultural markets for S&P Global Commodity Insights. “Many price-sensitive destinations in Africa turned to Pakistan to fulfil demand,” he said, pointing to markets in south-east Asia and the Americas.

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