ISLAMABAD: Pakistan generated $4 billion in revenue during financial year 2024 by exporting six million tons of different types of rice, state media reported on Monday, citing favorable weather conditions and “abundant” agricultural resources as the main reasons for the surge in exports. 

Pakistan exported rice worth $4 billion this year compared to $2.15 billion last year, benefiting largely from India’s more-than-a-year-long ban on rice exports to fulfill its domestic needs. India announced in September it was lifting the ban, prompting Pakistan to lift the minimum export price for all rice varieties in the country. 

India and Pakistan are the only two countries that produce basmati rice which is famous for its unique flavor and aroma. India has been the largest exporter of rice worldwide, followed by Pakistan, Thailand and Vietnam.

“With the support of the Special Investment Facilitation Council, Pakistan has earned revenue of four billion dollars from rice exports,” state broadcaster Radio Pakistan reported, referring to Pakistan’s top hybrid civil-military body formed last year to attract foreign investment in the country’s vital economic sectors. 

“During the fiscal year 2024, Pakistan exported more than 6 million tons of different varieties of rice due to favorable weather conditions and abundant availability of agricultural resources.”

Shahjahan Malik, former chairman of the Rice Exporters Association of Pakistan, said exporters have set a fresh target of $5 billion for rice exports for the next financial year. He added that a comprehensive strategy based on “modern seed research and quality agricultural practices” would be developed to enhance exports further. 

Earlier this month, Pakistan’s Commerce Minister Jam Kamal had said the country aimed to boost its rice exports to as much as $7 billion to support its dwindling economy.