Pakistan bumper harvest means cheaper rice

Seoul News.Net
Monday 18th August, 2008

The Pakistan minimum export price of $750 per tonne of non-basmati rice is likely to be lifted.

Due to forecasts of a bumper harvest, the Rice Exporters Association of Pakistan is hopeful buyers will be notified of the price change by next week.

Pakistan, the world's fifth-largest rice exporter, had imposed a minimum export price to increase earnings and withhold some cargoes in order to build
a domestic strategic reserve.

Pakistani exporters are likely to offer a non-basmati variety at $400-$450 per tonne with the nation hoping to sell up to 250,000 tonnes of rice by the end of October.

Pakistan rice exporters believe there will be a great demand for the new deal.

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