April 19, 2011

Pakistan forecasts wheat exports at 1.16 million tonnes

Pakistan's wheat exports are estimated at 1.16 million tonnes so far this year, with strong demand from Bangladesh and Southeast Asia, said a senior industry executive on Monday (Apr 18).

Pakistan has exported close to one million tonnes of wheat in bulk shipments and 160,000 tonnes in containers, said Muhammed Najib Balagamwalla, chairman of Karachi-based commodities trading company Seatrade Group.

He said export contracts were for around US$329 to US$335 a tonne, free-on-board, earlier in the year, while recent sales have been around US$300-$310 a tonne, free-on-board.

The provincial governments of Sindh and Punjab are selling old stocks of grain to exporters to make way for the ongoing harvest, he said, adding that more than 70% of Pakistan's wheat sales this year have been to Bangladesh.

The International Grains Council forecasts Pakistan's wheat exports in the year to June 30 at 1.6 million tonnes, the highest in at least four years.