The demand for Pakistani rice has increased by 50% in the global market. It should be noted that India's share in the global rice trade is 40%, but to win the election, the Modi government has imposed a ban on the export of rice since July.
The decision will reduce the price of rice in India, but about 150 countries of the world are feeling the price of rice due to the Indian decision.
However, Pakistan has benefited from India's decision, according to the State Bank, Pakistan has sold 2.5 million tons of rice worth one and a half billion dollars to the world in the first half of this fiscal year.
The Indian ban has been declared unjustified by many countries of the world, the United Nations has stopped Indian exporters from bidding in the rice procurement tender of the World Food Program.
Meanwhile, Pakistani rice is reaching different countries, there are general estimates that Pakistan will sell record rice to the world this financial year.
Pakistani rice was exported to Russia, Mexico and Indonesia. In 2023, Pakistan exported rice worth 1 billion dollars in the first 6 months.
India is out of the global rice market and Pakistan is in. According to the State Bank of Pakistan, Pakistan has exported rice worth one and a half billion dollars in the first half of this fiscal year.
Commodity expert Shamsul Islam Khan estimates that Pakistan will export a record 5 million tons of rice worth 3 billion dollars this fiscal year.