ISLAMABAD: Minister for National Food Security Syed Fakhar Imam on Monday said that owing to policy interventions and incentivising local farming communities, the country had achieved bumper crop of rice, estimated over 9 million tons during current season as compared the output 8.4 million tons of same period of last year.
Addressing a press conference, he said that last year rice output was recorded at 8.4 million tons as against the domestic consumption of 3.5 million tons, adding that there were carry-over stocks of over 2.5 million tons from the last year's crop.
The carry-over stocks of rice has further augmented the local rice output to 11.5 million tons as against the local requirements of 3.5 million tons, hence creating export surplus of about 8 million tons of rice during next year.
According to market survey, Pakistan has a potential to fetch $4.75 billion by exporting its surplus produce, he said, adding that last year country earned $2.11 billion by exporting rice including basmati and others, which contributed in enhancing the farm income of growers and encouraged them to grow more. Despite having a huge export potential, Pakistan was mostly exporting rice to five countries including China, UAE, Afghanistan and Kingdom of Saudi Arabia during last three to five years, he said, adding that efforts would be made to enhance rice exports to other countries of Africa and Latin America.
To a question, Imam said that sugar prices witnessed declining trend as some people tried to get undue benefit by creating artificial shortage and hoarding, adding that the prices of the commodity would further reduced as the crushing season had begun.