Pakistan’s commerce ministry announced on Friday that it had eliminated a floor price for rice exports, mirroring a similar action taken by neighboring India.
The Ministry of Commerce said in writing that the minimum export price for rice, which was most recently established in November, will be eliminated “immediately.”
Just a few weeks before the new-season harvest arrived, India lifted a floor price for basmati rice exports earlier this month to assist farmers facing debt and increased expenses and increase sales of the premium variety abroad.
The only countries that grow basmati rice, India and Pakistan, attempt to market the premium variety of rice in a way that is like to that of French Champagne or Darjeeling tea.
