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Rice prices stable on export outlook
KARACHI, April 7: Pakistan rice prices are stable,
with exporters expecting gains in the weeks ahead
on increased export orders from African markets,
dealers said on Tuesday. Pakistan’s Irri-6 rice
was in demand in Africa as competitors were
quoting much higher prices. "Everybody in the
world knows our prices are most competitive, so
orders are comparatively higher than last year,"
said an exporter in the port city of Karachi.
He said Pakistan was offering Irri-6 at $245 a
tonne this week, one to two dollars below Thai and
Vietnamese offers, while the country had an edge
on freight costs. Another exporter said Vietnam
and Thailand had committed rice supplies to China,
which was in the market with some big orders.
"They are booked till June so African markets are
very much open for Pakistan these days," he added.
The main buyers of Pakistani rice are Iraq, Sri
Lanka, Bangladesh and East African countries.
Around 650,000 tonnes of rice stocks are 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 earlier it hoped to see
exports of 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.
Pakistan’s current rice crop is expected to yield
4.3-4.6 million tonnes.
The News International, Pakistan |
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Pakissan.com; Advisory Point
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