LAHORE: Rice exports from Pakistan, last week, crossed a psychological limit of $2 billion, for the fourth consecutive years despite domestic and international odds and against all predictions made by some analysts.

According to the officials of the Rice Exporters Association Pakistan (REAP), a total of 3.6 million tons (942,107 tons of basmati and 2.7 million tons of non-basmati) rice have been exported to over 110 countries during the season, so far.

According to them, the country started the season on a wrong foot because of a number of reasons.

To begin with, the debilitating energy crises compounded by a discouraging law and order situation threatened exports. Secondly, India entered the market with a huge surplus and a massive 20 per cent devaluation of its rupee.

It also withdrew minimum export price (MEP), making things even tough for Pakistan.Vietnam and Myanmar posed stiff competitive challenges.

The State Bank of Pakistan (SBP) silently honoured sanctions against Iran, resulting in a drastic drop in basmati exports to the neighbouring state – giving hard earned market share on a platter to the Indians.

Despite all these factors, Pakistan has been able to export little less than a million tons of basmati rice, worth $822 million and 2.7 million tons of non-basmati, bringing $1.218 billion to national exchequer.

“It has been a great achievement,” says REAP Chairman Javed Islam Agha. Domestic and international odds had really been against exporters as mentioned above.

But, somehow, they have not only been able to retain their share, but also captured new markets like China for export. This year, more than 350,000 tons have gone to China alone, he claimed.