Rice exports shrink by 63 percent after implementation of E-Form
KARACHI: The implementation of export form – a joint initiative of Pakistan Customs and State Bank of Pakistan (SBP) – has curtailed exports of rice by 63 percent since November 2015 to August 2016.
Form ‘E’ or the ‘Form of Export’ is a mandatory requirement for all commercial exports from Pakistan since November 2015. It is a control instrument through which the government monitors the source and inflows of foreign remittances and checks the goods that are exported without foreign exchange through the State Bank of Pakistan. Designated branches of the commercial banks are authorized to issue ‘Form-E’ on application by the exporter.
The data issued by Pakistan Bureau of Statistics (PBS) has unveiled facts about the rice exports soon after the implementation of E-Form. Experts said that there would be other reasons of fall but now only genuine exports have been made and all fictitious inflows had been stopped.
The rice exports were at $203.61 million in November 2015 which were declined by 63 percent in 10 months to $75.56 million in August 2016.
The monthly export data of rice collected from PBS showed:
1. August 2016 = $75.56 million
2. July 2016 = $83.95 million
3. June 2016 = $143.99 million
4. May 2016 = $166.85 million
5. April 2016 = $173.32 million
6. March 2016 = $167.133 million
7. February 2016 = $181.814 million
8. January 2016 = $157.88 million
9. December 2015 = $180.913 million
10. November 2015 = $203.61 million
The details are self explanatory about the export trend.
Some experts said that the falling commodity prices were behind the export fall as overall export of the country has declined. But in case of other commodities the exports have fallen but not as much as rice has fallen.
In terms of quantity the export of rice has also fallen as the country exported 240 metric tons of rice in August 2015 which has declined to 152.19 metric tons in August 2016.