Patron Islamabad Chamber of Small Traders Shahid Rasheed Butt on Sunday said the four-year rice export deal with Indonesia would bail out the troubled sector and stabilise prices at home.
“More long and short-term agreements with other countries should be reached to boost the rice sector that faces problems for many years,” he urged in a statement here. He said that export of rice to Indonesia would boost overall exports to 4.6 million tonnes that would be a record and for which the government deserved credit.
“Pakistan’s export forecast had recently been raised by 0.1m tonnes in the wake of a deal with Indonesia, Mr. Butt said.
He further said the reasons behind crisis in rice sector were high production cost, profiteering by exporters and availability of Indian rice at low prices. “Local exporters wanted to sell rice at US dollars 950 to 1100 per tonne while Indians offered prices as low as US dollars 720 to 850 per tonne because of the low production cost and hidden subsidies in their country,” he compared.
Source: Independent News Pakistan