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High local prices dampen rice exports
KARACHI, April 14: Pakistani rice exports were
thin during the past week as existing orders were
shipped but new demand was limited due to high
domestic prices of IRRI-6 variety of rice, traders
said on Tuesday.
"The prices will not ease in near term as demand
of rice in the local market is high," said a
trader in Karachi. "High local prices are hurting
exports of IRRI (rice)."
Traders said Pakistani exporters were quoting
IRRI-6 in a range of $245 to $252 per tonnes,
which was uncompetitive.
High domestic prices were likely to keep business
dull in coming weeks, as the local exporters could
not match competitors’ prices on the international
market, they added.
Pakistan government estimates domestic output of
4.3 million tonnes of rice in the 2003/04-crop
year, out of which the country has targeted to
produce 2.275 million tonnes of IRRI varieties of
rice.
The country is likely to harvest 2.025 million
tonnes of superior quality aromatic Basmati.
"Thailand is doing good business and it is grabing
our market one by one," said another exporter.
The main buyers of Pakistani rice are Iraq, Sri
Lanka, Bangladesh and East African countries.
Rahim Janoo, a trader said export outlook of
aromatic Basmati rice was bullish after a surge in
queries from the international buyers.
"We expect more export of Basmati rice this year
as Iranian buyers are increasingly looking for
supply’s from Pakistan," he added.
Iran bought a total of 365,000 tonnes of Pakistani
Basmati rice in the 2002/03 (July-June) fiscal
years.
Pakistani exporters see potential in Iran, where
the government imports at least 800,000 tonnes of
superior quality rice a year to meet domestic
demand of 2.8 million tonnes.
Traders said around 600,000 tonnes of rice stocks
of all varieties were available with mill owners
and growers and exporters hope to ship at least
half of the available stock before the end of the
current season.
The government said it hopes to exports 1.9
million tonnes in the fiscal year to June 30,
against the previous year’s 1.72 million tonnes.
The News International, Pakistan
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Pakissan.com; Advisory Point
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