On August 31, 2023, As per the official USFDA Report, India Banned the Export of Non-Basmati White Rice. People stood in long lines outside of the Indian Grocery Stores. The Indian Grocery Stores sold non-basmati rice bags (Also read as "Lootafy" - Desi Art of scamming people) at 4-5 times higher prices.
Non-Basmati White Rice is equally important for Desi Indians in the U.S.A. because basmati rice is not healthy for daily use, and the majority of the Indians, especially in south India, and certain parts of India such as West Bengal, Odisha, and Chhattisgarh, eat non-basmati rice daily.
Rice is popular not only in India but also in all the South Asian countries.
Let's come back to the original story, Pakistan's Rice Exports Set to Hit Record High:
- Pakistan's rice exports might reach an all-time high by June 2024, thanks to India's cutting down its rice exports.
- The export boost is helping Pakistan deal with low supplies caused by India's restrictions and improving Pakistan's financial situation for buying things from other countries.
- Pakistan is selling rice at the highest prices in nearly 16 years because many people want to buy it now that India isn't selling as much.
Key Points:
- India, the top rice exporter, stopped selling some types of rice, mainly non-basmati rice, last year, making countries turn to Pakistan for rice.
- Pakistan might sell up to 5 million metric tons of rice this financial year, more than last year's 3.7 million.
- Pakistan could even sell 5.2 million tons because they're growing more rice this year.
- In December, Pakistan sold about 700,000 tons of rice.
- Pakistan could make over $3 billion from rice sales this year, up from $2.1 billion last year.
- With India out of the picture, Pakistan's rice prices are increasing, even though they're growing more.
- Pakistan has been exporting rice to the U.S.A. since the Indian government announced the rice ban. Still, Pakistan's main buyers are in places like Indonesia, Senegal, the European Union, Qatar, and Saudi Arabia.
- Pakistan has an advantage in shipping to places like the Middle East, Europe, and Africa because it's closer than other countries like Vietnam and Thailand.
- India might look at its export rules again after elections in May, but Pakistan has already sold most of its rice for the year.
What you say!