KARACHI, July 2: Higher per unit price achieved by rice exporters helped earn $540 million on export of 1.8 million tons during last fiscal ended on June 30, 2003.

According to Rice Exporters Association of Pakistan (REAP), adherence to value addition by its members helped achieve excellent unit price during the entire year.

As result of this the REAP estimates that during new fiscal (2003-04) around 1.9 million tons could be exported, which might fetch $560 million.

The association has claimed that all this achievement was only possible because of better unit price up to 16 per cent and higher exports up to 20 per cent resulting in 24 per cent higher value.

During fiscal 2000-01, the country exported 2.4 million tons of rice valuing $525 million which was all time record but last fiscal’s (2002-03) export performance has surpassed this record. The country in the fiscal 2001-02 exported 1.5 million tons of rice valuing $425 million.

The REAP feels that within couple of year the association would be joining ‘billion dollar export club.’ Another achievement on the rice sector has been recorded this year by a successful cultivation of around 300,000 tons of Basmati rice in Sindh.

As a result of this the growers of Sindh would get higher price for their produce which will help them in making fresh investment and adopting modern farm technology.

On the marketing side the REAP is striving hard to once again capture the Saudi Arabian rice market and also doing their best to penetrate into Iranian rice market. In this regard a REAP delegation would be leaving for Iran on Friday, 2003, with the objective to capture their share in a market of 0.9 million tons.