June 6, 2011
Pakistani wheat exports reach 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 a dry spell in parts of China, 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 harvests in Russia dampened wheat prices in the world market, causing them to fall from US$340 per tonne to US$300 per tonne, they added. However, latest forecasts by the USDA of a decline in global stockpiles for the 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 quantities of 162,600 tonnes were loaded in six vessels at Marginal Wharf during a review period. And at FAP terminal of PQA, 308,900 tonnes of wheat for export were carried by 12 ships, exporters added.
Besides this, around 250,000 tonnes of wheat was exported in containers which mostly found its way to the Gulf and some Middle East countries. Though much of the wheat exports are destined for Bangladesh, due to a 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.
Lately, Pakistan has been a major player in wheat exports around the world, helping exporters explore unconventional markets, such as Sri Lanka, Philippines, Indonesia, Malaysia, and many African countries.
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.