KARACHI, Jan 9: Rice exports registered a remarkable increase of 90,000 tons during the first half (July-Dec) of current fiscal and earned $38 million more over the corresponding period of FY2000-01.

The export is encouraging when looked in the backdrop of fast appreciating rupee value which is otherwise a negative development for the growth of exports of any commodity.

The growth shows that the country will easily meet its rice export target of 1.5 million tons and earn up to $450 million this year.

Rice exporters are confident that they would easily meet this target particularly when the governments of Sri Lanka, Philippines have allowed its private sector to import rice. This will also help in increasing per unit price specially in basmati rice.

Rice Exporters Association of Pakistan (REAP) chairman Abdul Rahim Janoo has asked the government to remove sales tax on rice processing machinery and allow rice exporters to retain 50 per cent of their export proceeds for reinvestment in capital goods.

Janoo lauded the courage of the rice exporters in facing the 9/11 impact particularly when the prices of commodities such as rice came crashing down as buyers were faced with liquidity problem in the world market.