June 3, 2011

 

Pakistani wheat exports touch 1.251 million tonnes

 

 

Pakistani wheat exports touched 1.251 million tonnes by the end of May amid reports from the world market that wheat supplies would once again stay tight, owing to dry spells in parts of China and US and heavy rains elsewhere, exporters said.

 

The government early this year fixed a wheat export target of two million tonnes but reports of better harvest in Russia dampened wheat prices in the world market and tended to come down from US$340 per tonne to US$300 per tonne, they added.

 

However, latest forecasts by the US Department of Agriculture (USDA) of decline in global stockpile for second consecutive year is expected to raise wheat prices in the coming days.

 

According to details given by a leading exporter, the country exported around 1.251 millions tonnes of wheat up to May 31. The Karachi Port handled 28 vessels by loading around 779,852 tonnes of wheat.

 

Similarly, at Port Qasim wheat in bulk quantity of 162,600 tonnes was loaded in six vessels at Marginal Wharf during period under review and at FAP terminal of PQA 308,900 tonnes of wheat for export was carried by 12 ships, exporters added.

 

Beside this, around 250,000 tonnes of wheat was exported in containers which mostly found its way to Gulf and some Middle East countries. Though much of wheat exports destined for Bangladesh, due to delay in payments lately these have slowed down, exporters said.

 

There are strong indications that Pakistani wheat is gaining popularity in African countries because a substantial quantity has been shipped to East African countries. The recent hike in commodity prices, particularly rice, has forced many African nations to change their diet habits and shift to wheat which costs less.

 

Meanwhile, port and shipping sources disclosed that presently, a ship at PQA`s Marginal Wharf is loading 17,400 tonnes of wheat and another ship at FAP terminal of Port Qasim is loading 44,300 tonnes.

 

However, a huge quantity of wheat is currently being loaded at Karachi Port where four ships are expected to load around 127,800 tonnes, port sources said.

 

Lately Pakistan was a major player in wheat exports in the world which helped exporters explore untraditional markets, such as Sri Lanka, Philippines, Indonesia, Malaysia, many African countries.

 

However, exporters strongly feel that if USDA forecasts are correct, it may once again give Pakistan another opportunity to export wheat more vigorously and earn higher foreign exchange on rising wheat prices in the world market.

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