The government has fixed a minimum export price for rice as the experts have warned that declining rice exports may face further difficulties.
The Rice Exporters Association of Pakistan said the government has set the minimum export price above current international market rates. The association rejected the Federal Board of Revenue’s valuation and has contacted the Ministry of Commerce on the matter. An important meeting is expected tomorrow.
In the international market, rice prices range between $375 and $380 per tonne. The Trade Development Authority of Pakistan has fixed the minimum export price at $425 per tonne. During the previous financial year, rice exports reached a record $3.5 billion. Experts said exports in the current financial year may barely reach $2 billion.
