Latest news with #RiceExportersAssociationofPakistan
Business Recorder
3 days ago
- Business
- Business Recorder
‘Pak-Kenya bilateral trade rises to $950m'
KARACHI: Bilateral trade between Pakistan and Kenya surged to $950 million in the last fiscal year, reflecting steady growth in economic ties between the two countries. As the nation celebrates the 78th Independence Day, Rafiq Suleman, President of the Pakistan-Kenya Business Council (PKBC) and former Chairman of the Rice Exporters Association of Pakistan (REAP), has extended heartfelt congratulations to the people of Pakistan, emphasizing the country's growing international presence particularly in Kenya through trade and diplomacy. 'Pakistan is our beloved homeland and a divine blessing. As we celebrate this historic day, we take pride in the fact that Pakistan's name continues to rise globally on the trade front — especially in Kenya,' he added. Suleman disclosed that bilateral trade between Pakistan and Kenya climbed to $950 million last year, comprising $350 million in exports from Pakistan and $600 million in imports from Kenya. 'Our aim is to raise this volume to $1.5 billion by 2026–27, and with consistent efforts and strong partnerships, we are confident of achieving it,' he said. He noted that Pakistan's major exports to Kenya include pharmaceuticals, sports goods, rice, automotive products, and IT services, with the information technology sector emerging as a particularly promising area. 'With timely and targeted B2B engagements, Pakistan's IT exports to Kenya can expand rapidly, a growth that could unlock significant development opportunities for both countries,' he emphasised. He also praised the contributions of Rizwan Sheikh, Secretary General and Bonaventure CEO of the Pakistan-Kenya Business Council, whose dedication and teamwork have been instrumental in promoting trade ties between the two nations. He also credited Abrar Hussain Khan, Pakistan's High Commissioner to Kenya, for playing a vital role in strengthening bilateral trade relations. 'Pakistan's High Commissioner's support and hard work alongside our business council have helped create tangible results. The recent Joint Trade Committee meeting has opened new avenues that will significantly enhance trade opportunities for both countries.' Copyright Business Recorder, 2025
Express Tribune
3 days ago
- Business
- Express Tribune
Penalties on rice exporters waived
A delegation of the Rice Exporters Association of Pakistan (REAP), led by Senior Vice Chairman Jawed Jillani, met with State Bank of Pakistan (SBP) Governor Jameel Ahmad and his team at the central bank. Jawed Jillani informed the SBP governor about the challenges being faced by rice exporters. He requested him to waive the penalties imposed in the wake of late realisation of export proceeds, which was mainly due to the extra delay in transit time and was beyond the control of exporters. In response, the SBP governor issued instructions to remove the penalties. The delegation complained about the unavailability of Export Refinance Facility (ERF) from various banks and the additional foreign exchange rates charged by shipping companies, which were Rs10-12 higher than the inter-bank rates. It also requested steps to facilitate the repatriation of long pending amount of rice exporters in Lebanon.
Business Recorder
02-08-2025
- Business
- Business Recorder
Rice-sowing target surpassed
LAHORE: Rice farmers in Punjab have surpassed the provincial agriculture department's sowing target of 5 million acres by cultivating rice on 5.8 million acres so far—registering an increase of 0.8 million acres. Improving both the quantity and quality of rice production is essential to boost rice exports to USD 5 billion, said Punjab Secretary for Agriculture, Iftikhar Ali Sahoo, while addressing a meeting of the Provincial Committee on Rice Crop Management at Agriculture House here on Friday. He noted that the establishment of a Eurofins Laboratory would serve as a milestone in enhancing rice export potential. A complete ban has been imposed on the use of prohibited agrochemicals (pesticides) on paddy crops, he added. The Secretary also urged the Rice Exporters Association of Pakistan to play a more active role in promoting mechanized cultivation and harvesting practices. To support this effort, interest-free loans are being provided to farmers and service providers for the purchase of high-tech agricultural machinery. On the occasion, he directed relevant officials to ensure that farmers receive proper guidance on effective crop management. Copyright Business Recorder, 2025
Business Recorder
22-07-2025
- Business
- Business Recorder
REAP opposes additional 2pc tax on exporters
KARACHI: Following the government's imposition of an additional 2 percent tax on exporters, Pakistani rice exporters failed to fetch expected prices in the global market, leading to a significant decline in rice exports during the fiscal year 2025. A key reason behind this has been the rapid drop in international rice prices. In this regard, Rafiq Suleman, former Chairman of the Rice Exporters Association of Pakistan (REAP) and Convener of the Rice Committee of the FPCCI, said that the government's decision to impose 2 percent tax was not appropriate. If the government had formulated policies in consultation with REAP leadership, not only could rice exports have been increased, but more foreign exchange could have been brought into the country. Rafiq Suleman stressed the need to focus on agriculture and improve crop yield. He stated that farmers must be provided with affordable pesticides and seeds so they can work properly and grow quality crops to ensure better yield. He noted that despite numerous challenges, exporters have worked hard to export rice from Pakistan—an effort he called a 'jihad' that deserves praise. He also pointed out that many issues affected rice exports this year, especially problems related to plant protection, which severely impacted exports for nearly a month. Now that the sector is trying to stabilize again, the government is not paying adequate attention. He further added that he had clearly warned that due to the 2percent tax, next year's rice exports would not reach even $3.5 billion, let alone $4 billion. Current export figures confirm this, with rice exports totalling $3.2 billion. If more pressure is placed on exporters through taxation, exports will decline further. The government must play its role by providing cheap electricity, eliminating excessive taxes, and offering as many benefits as possible to exporters to keep the wheels of the economy moving smoothly. REAP Chairman Malik Faisal and Senior Vice Chairman Javed Jelani are making strong efforts for rice exporters, but the government must also take their suggestions into account. Moreover, according to statistics, Pakistan's total rice exports in fiscal year 2025 stood at 5.8 million metric tons (MMT), reflecting a 3.7 percent decrease compared to 6 MMT in the previous fiscal year. However, the situation in terms of revenue was more disappointing. Total revenue from rice exports dropped significantly by 14.7percent, falling from $3.93 billion to $3.36 billion. This decline is primarily attributed to falling prices in the international market, especially for non-Basmati varieties, which make up over 85 percent of Pakistan's rice exports. Basmati rice exports saw a slight increase of 3percent in volume, reaching 797,000 tons. However, revenue from Basmati exports fell by 5.2percent to $832 million, compared to $877 million in FY2024. Data shows that a major reason for the decline in prices was a 9.1percent drop in average price per kilogram, from PKR 320.8/kg in FY2024 to PKR 291.6/kg in FY2025. Meanwhile, exports of other rice varieties saw a 4.7 percent drop in volume and a 17.4percent decline in value, reflecting weak demand and heavy price pressure in key international markets. In FY2025, non-Basmati rice exports generated $2.52 billion, down from $3.05 billion in FY2024. A sharp decline in rice exports was recorded in June 2025. Compared to May, exports dropped by 40.6percent, and by 37.1percent compared to June 2024. Monthly export revenue also fell to $150 million, marking a 50 percent year-on-year and 37.4 percent month-on-month decrease. In addition, in FY2025, the share of rice in Pakistan's total exports declined to 10.5percent, down from 12.8percent in the previous year. Despite the significant decline in revenue, the rice sector continues to play a key role in Pakistan's exports and foreign exchange earnings. Copyright Business Recorder, 2025
