December 4, 2001	Tuesday	Ramazan 18, 1422

KARACHI, Dec 3: Pakistan’s rice export has declined by 4.21 per cent to 550,428 tons during the first five months of the current fiscal year.

According to rice exporters here on Monday, the value of exported rice has been estimated at $159.788 million during July-November 2001.

Last year Pakistan exported about 563,408 tons worth $164 million during the same period.

The export of brown rice through Trading Corporation of Pakistan is estimated at 22,689 tons worth $12.12 million during the period under review.

A rice exporter said that the reason for decline in overall rice export was the shortage of Irri-6 and Irri-9 in the local market last month. But after the arrival of new crop the export is now in full swing, he added.

A big order from Sri Lanka has activated the market and exporters are busy in shipping Irri-6 and Irri-9, and the decline in the previous two months will be compensated in the remaining six months of the current fiscal year, says another exporter.

He said export of basmati rice would also increase during the current year, making up losses in the export of Irri rice.

The export data shows that the combined export of Irri-6 and 9 rice is estimated at 310,920 tons during July-November.

The export of basmati was estimated at 180,417 tons worth $85.82 million during five months.

The export of blended rice was 24,907 tons during the period under review.

Meanwhile, rice prices eased during the past week as new-crop arrivals gained momentum but dealers said on Monday current prices were not feasible for exports.

“Fresh-crop arrivals from Sindh have picked up...and eased the local prices,” said a rice exporter.

He said the market was anticipating further reduction in local prices in the next couple of weeks because of increased arrivals as the current prices were still not feasible for exports.

“It is expected that the price would come down to Rs7,500 per ton or below...,” the dealer said. “Only then prices would workable for exports”.

Dealers said the prices of 100-kg bags of Irri-6 were quoted between Rs790 and Rs800, slightly down from the previous week’s figure. The country is expected to produce 4.3 million tons from its new crop while the annual domestic demand is put at 2.3 million tons.

Dealers said shipments for 20,000 tons of Irri-6 to shipment was almost complete and the market was awaiting fresh orders. “With the last ship being loaded today... shipments to Sri Lanka were almost completed,” said another rice exporter.

He said other than Sri Lanka, the export market was quiet as Pakistani exporters were unable to quote lower prices being offered by India and other competitors. War-risk shipping insurance surcharges and an appreciating rupee against the dollar had, however, badly hit rice exports, and traders said they had gradually lost their traditional markets to arch-rival India and Myanmar during the past two months.—Reuters