The United States Department of Agriculture (USDA) forecasts Pakistan’s rice production to reach approximately 9 million tons in FY 2023-2024.
This estimate is accompanied by expectations of a substantial increase in rice exports, projected to rise to 4.8 million tons, a 30% YoY increase compared to the previous fiscal year’s 3.7 million tons.
Notably, Pakistan earned $2.5 billion in revenue from rice exports in the previous year. The surge in exports can be attributed to expanded market access to countries like Mexico and Russia, enhancing Pakistan’s global presence in the rice market. FY22 saw a record-high rice production of 9.3 million tons, with 4.8 million tons exported. The USDA predicts a robust harvest for major crops in Pakistan, including wheat, rice, sugarcane, corn, and cotton, providing much-needed relief to farmers recovering from the devastating 2022 floods.
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