Pakistan’s wheat exports are the highest since inception – Research Snipers

Pakistan’s wheat exports are the highest since inception

Pakistan’s wheat exports have grown and crossed 300,000 tonnes during the month of April, a record high on monthly basis since Pakistan’s birthday 1947.

The country is also moving forward to achieve the target of 1.4 million tons of wheat via sea route before June 2018 as it already exported 241,522 tonnes in March contributing $47 million to the national exchequer—Dawn reported

The information about wheat exports was revealed by the chairman Federation of Pakistan Chamber of Commerce & Industry (FPCCI) standing committee on Export Mehmood Moulvi on Wednesday.

According to the reports from last year, the authorities gave permission to export 2 million tons of wheat from Pakistan for the current financial year 2017-18. Mr. Moulvi set the export target of 1.4 million tons which is about to be achieved by the end of this month, it will also set the new record for achieving the target in months rather than years.

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Pakistan exports its wheat to the countries including Dubai, Muscat, Oman, Indonesia and Bangladesh at the price of $185-$200 per ton. However, wheat prices in Europe are little higher than Pakistan is currently exporting at, if the country starts exporting wheat to European countries it could set the price little higher than $200 which could improve the revenue share of the exports.

Land route exports were set at 600,000 tonnes and Mr. Moulvi avoided commenting on this target, however, he commented on rupee devaluation, subsidies and prices in global markets streamlined overseas shipments.

Pakistan resumed wheat exports in February 2018 and exported 65,649 tons of wheat overseas generating revenue of $12.5 million against the zero sales in September last year. But the prices rose in the domestic market from Rs2975 per 100 kg to Rs3125 per 100 kg at the beginning of March 2018. The government of Pakistan is providing an export subsidy of $120 per ton via land route and $169 per ton via sea route.