From past few years, rice has been offered at Rs150 to Rs200 per kg. Yet, it will be in the market at Rs80 to Rs90 per kg. Paddy prices this year have jumped 50% compared to last year.
Previous year, the price of Basmati paddy of Kainat series was Rs 3,500-Rs 4,000 per 40 kg, 86 series Rs 2,600-Rs3,000 and super variety was vended at Rs3,000 to 3,500 per 40 kg. The super variety is offered at Rs1, 400 to 1,500.
The two to three year old rice gets good price and is unloaded at high rates in international markets. Pakistani exporters have 25 % of the previous year’s stock that, if retailed at present rates, will suffer massive loss.
Former Rice Exporters Association of Pakistan (REAP) vice chairman Taufiq Ahmad said this year purchasers are scared to purchase paddy due to the instable costs, although throughout the border, India has had a plentiful rice crop. “Pakistani exporters would have had an edge if price was the same as last year.”
Last year the price of non-basmati rice was $500 to $550 per ton. This year the price would stay around $400 per ton. Ahmad added “Indian rice has edge over Pakistani rice due to good packing, labelling and the use of latest technology. Our millers and exporters must follow the trend to compete in international market.”
He also mentioned Iran is a giant market for Pakistani and Indian rice. The country yields only 25 % of its intake and imports the remaining from neighboring countries.“Pakistan is the fourth largest exporter of rice in the world and has the potential to increase exports to Iran.”
Lately, a deputation of the Iranian Rice Importers Association visited paddy crop fields in Lahore to confirm quality benchmarks were being met, totaling that banking transactions between the two countries must be smooth.