NIGERIA: Agbatoken: Transforming Agriculture through Blockchain Innovation

Country: Nigeria
NIGERIA: Agbatoken: Transforming Agriculture through Blockchain Innovation
08 March 2024

Pakistan's rice exports are expected to reach a historic milestone of 5 million metric tons in the fiscal year 2023-24 due to favorable crop conditions and increased prices, according to Chela Kewlani, Chairman of the Rice Exporters Association of Pakistan. Basmati rice exports saw a 24% increase, while non-basmati exports surged by 76% in the seven months leading up to January 31 compared to the previous year. Global rice prices rose due to an export ban imposed by India, contributing to Pakistan's increased market share and higher export earnings.

The rise in rice prices, up by 25% to 30%, has significantly boosted foreign exchange earnings, with exports totaling $2.1 billion in the first seven months of the fiscal year, a 95% increase from the previous year. Basmati rice fetched an average of $1,146/mt, while non-basmati rice averaged around $567/mt. Despite a slight decrease in prices for Pakistani rice in February, the outlook remains positive.

Rice production is expected to surpass 9 million metric tons by the end of the season, driven by favorable crop conditions. With the increased production, exporters are exploring new markets in countries such as Indonesia, Malaysia, and various African nations. Additionally, Pakistan is expanding its export destinations to include Mexico and Russia, with approvals already sought from relevant authorities.

During the first seven months of the fiscal year, the UAE, Saudi Arabia, and Oman were the top buyers of Pakistani Basmati rice, while exports to countries like Senegal, Djibouti, and Madagascar have also seen significant increases. This growth in exports reflects Pakistan's efforts to diversify its market and capitalize on the favorable global rice market conditions.

Please find the original version of the article below:
https://www.cointrust.com/market-news/agbatoken-transforming-agriculture-through-blockchain-innovation