Pakistan’s wheat exports rise 200 percent
August 23, 2012
Following the rising demand and better price in the world market, Pakistan''s wheat exports has again picked up, witnessing some 200 percent growth during the first month of the current fiscal year. Wheat exports on the back of demand from Sri Lanka and some other regional countries.
"Pakistan''s wheat exports was declining a few months ago because of low prices. However, better wheat prices and rising demand in the world market has opened up new venues for the export of the commodity," exporters said. Wheat price in the international market was rising because of reports regarding bad wheat crop in Russia.
According to them, wheat prices had crossed $300 per ton after a gap of 6-8 months. Month-on-Month basis, export statistics for the first month (July) of this fiscal year were very encouraging, as wheat export witnessed a massive growth of 198 percent.
The quality of Pakistan''s wheat is best and as per international standard it has 11 to 11.5 percent protein content and is considered perfect for markets in Sri Lanka, Bangladesh, the Gulf states, Far East and Myanmar, they informed.
Traders also confirmed that commodity exporters were quickly procuring wheat from domestic market for export as attractive prices are being offered by importers from around the world. Expressing some reservations regarding wheat exports, they said that hasty buying of wheat from domestic market could create panic in the commodity market, resulting in a massive increase in wheat pries.
Wheat prices have witnessed a surge of Rs 2,000 per ton over the past month because of huge buying by exporters. With the current rise, the price of wheat grains rose to Rs 28,000 per ton from Rs 26,500 per tone.
More news from: PABIC (Pakistan Biotechnology Information Center)
Published: August 23, 2012