|
Main Page
|
 |
|
News Channel |
|
Pakistani rice prices slip further to boost
exports
KARACHI (April 28
2004): Pakistani rice prices slipped over the past
week and dealers said on Tuesday they would slide
more in days ahead as exporters were finding it
hard to get orders at the current levels.
"International prices are falling. Vietnam is
offering rice at much lower rates compared to
Pakistan, which is not getting orders because of
high price of its commodity," Haji Abdul Majeed, a
leading exporter, told Reuters.
Pakistani exporters are now offering 25 percent
broken rice at around $230 a tonne, compared with
$236 last week in an attempt to get some orders,
dealers said.
"But Vietnamese rice is still cheaper at $210,"
Majeed said. "In the coming days rates will slip
further."
Dealers said mills and traders had about 350,000
tonnes of unsold stocks but a boost in exports was
not possible until prices fall to around 1,150
rupees (100 kg) from the current 1,225 rupees.
Pakistan government estimates domestic output of
4.3 million tonnes of rice in the 2003/04 crop
year, including a target of 2.28 million tonnes of
IRRI varieties of rice.
The main buyers of Pakistani rice are Iraq, Sri
Lanka, Bangladesh and East African countries.
Traders said the export outlook of aromatic
Basmati rice remained bullish as exporters were
getting buying orders from the oil-rich Middle
Eastern countries.
The government said it hopes to export 1.9 million
tonnes in the fiscal year to June 30, against the
previous year's 1.72 million tonnes. Annual
domestic demand is 2.3 million tonnes.
Courtesy Business Recorder
|
|
|
|
|
Pakissan.com; Advisory Point
|
|
