Punjab eyes $3 billion Rice export in FY24 amid bumper crop

September 30, 2023

The Punjab government is poised to achieve substantial rice exports of $2 billion this year, having fulfilled all legal prerequisites. A recent statement from the provincial government outlines a total rice export projection of $3 billion for the current year. Comparatively, last year saw rice exports worth $1 billion, marking a remarkable 100 percent increase this year.

Caretaker Punjab Chief Minister, Mohsin Naqvi, expressed optimism during a meeting, suggesting that the country’s rice exports could potentially reach $5 billion within the next two years. He emphasized the need to stabilize cotton prices and instructed Punjab’s Minister for Trade, SM Tanveer, and the Agriculture Secretary to liaise with the federal government on this matter.

Furthermore, the meeting called for the Trading Corporation of Pakistan (TCP) to commence immediate cotton purchases. The initial wheat production target for Punjab has been set at 40 million tonnes, and approximately 1.9 million acres of land in the province will be dedicated to oil crop cultivation. These measures aim to enhance crop yields and bolster agricultural productivity.