Ex­port deal to re­vive sink­ing rice sec­tor

The Pak Banker - - NATIONAL -

Pa­tron Is­lam­abad Cham­ber of Small Traders Shahid Rasheed Butt on Sun­day lauded the govern­ment for 4-year rice ex­port deal with In­done­sia which will bailout the trou­bled sec­tor and sta­bilise prices at home.

He de­manded more long and short term agree­ments with other coun­tries to boost the rice sec­tor which is fac­ing prob­lems since some tears.

Shahid Rasheed Butt said that ex­port of rice to In­done­sia will boost over­all ex­ports to 4.6 mil­lion tonnes which will be a record for which credit goes to the govern­ment. Pak­istan's ex­port fore­cast has re­cently been raised by 0.1m tonnes in the wake of a deal with In­done­sia. He said that rea­sons be­hind cri­sis in rice sec­tor in­clude high pro­duc­tion cost, too much fo­cus of ex­porters on profit and avail­abil­ity of In­dian rice on low rates. Lo­cal ex­porters want to sell rice at 950 to 1100 dol­lars per tonne while In­di­ans of­fer prices as low as 720 to 850 per tonne be­cause of the low pro­duc­tion cost and hid­den sub­si­dies.

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