Rice Exporters Association Pakistan (REAP) Chairman Rafique Suleman said that rice export surged 15 percent during July 2017 to January 2018.
Pakistan exported 2.28 MMT of rice amounting to USD 1.06 billion in the current fiscal compared to 1.971 MMT amounting to USD 0.82 billion during the same period in the last fiscal, which shows a significant growth of 29% in terms of value and 15% in terms of quantity.
“We are also focusing on European markets as India is set to lose its grip. It will be a good opportunity for Pakistani rice exporters to come forward and grab the market,” said the Chairman, and requested the government of Pakistan to extend support and facilitate rice exporters.
Kenya was the largest buyer of Pakistani rice during seven months of the current fiscal year (July - Jan 2018). The country bought 284 KMT of rice amounting to USD 102 million.
CBOT wheat futures went down and corn futures strengthened on February 14. Soybean futures continued to grow. Technical factors and weather were main supporters.
Indonesia is set to become the world's biggest wheat importer in the 2017-2018 season. Based on an estimation of the United States Department of Agriculture (USDA), Indonesia will import 12.5 million tons of wheat.