Pakistan exporters see long term opportunity in China
China has become one of the top destinations for Pakistan rice export.
Pakistan-China Joint Chamber of Commerce and Industry (PCJCCI) President SM Naveed said that considering the excess after reaching yearly local rice consumption of 2.5 MM MTS, Pakistan is prepared to export 3.75 MM MTS of rice to China. He also stated that China had become one of the major rice buyers of Pakistan rice, as shown in rice paddy export data over the last 2 years which shows 244% growth. The PCJCCI had introduced a push to double exports to China within a year. The hope of exporting across 10 MM MTS of IRRI-6 rice to China may possibly turn into a reality if continuous efforts to market Pakistani rice are practiced, aiming at the needs of Chinese rice importers. The new hybrid rice types were being developed in Pakistan, which would give full yield with low input expenses during water shortage as per PCJCCI Senior Vice President Daud Ahmed. V.P Ahmed also stated that the rice research institute (IRRI) has developed new methods to cultivate rice through the broadcasting system’ instead of a manual seedling plantation. He also added that under this method, if rice farmers achieved cultivating 80,000 rice crops in a field, they would get more production as well as saving input costs up to Rs14,000 per acre. This method is not only less costly but also helps to save 30-35% of irrigation water.
Vietnam's 5 percent broken white rice export prices were unchanged at USD $390 per MTS. One rice exporter said that rice export movements stayed slow because of low rice demand from rice importing countries and logistics hurdles due to the COVID-19 movement restrictions. Local rice paddy prices have increased in recent days after the government said they might consider stockpiling rice to support local farmers.
Thailand's 5 percent broken rice export prices decreased to $380-$395 per MTS from the previous week’s $385- $410 per MTS. As per one rice exporter, the decrease in rice export prices is due to flat demand. And as the baht softens, the rice prices continue to decrease but there is no rice buying that is happening somewhat because the shipment cost is high.