Rice export rises by 226.43pc in July '08

KARACHI - The rice export growth has soared by 226.43 per cent to 235.317 million dollars during July, the first month of current financial year from 72.087 million dollars in the July 2007.

Similarly, showing a substantial improvement, the growth in basmati rice has also swelled by 129.77 per cent from 53.817 million dollars to 123.658 million dollars in July, 2008.

The growth trajectory of rice export is likely to increase further by the end of this fiscal as the rice exporters are foreseeing 0.5 million tons production of bumper rice crop in 2008-09 which is to some extent will mitigate the weakening trade account portfolio of the country by narrowing the external current account deficit, a key to the macroeconomic sustainability.