KARACHI: With the introduction of new hybrid seed of rice, paddy production in Sindh has doubled to 90 maunds per acre, Rafique Suleman, vice chairman Rice Exporters Association of Pakistan (REAP) said on Thursday. In a meeting with Safar Ali Lakhani, president Soneri Bank Ltd, at REAP House Suleman said that the yield of traditional Irri-6 production was no more than 45 maunds per acre.

 “Due to an increase in the production we have been able to export rice worth $1.825 billion in just 9 months of the current fiscal year against $2 billion in last whole fiscal year,” he said. Pakistan has exported 2.7 million tons of non-basmati and 0.6 million tons of basmati rice in first 9 months of the current fiscal year.

Vice chairman REAP informed that Pakistan had increased its exports of parboil rice to South Africa, which was a 1 million tons market. Nearly 5,000 tons of parboil rice from Pakistan are being exported to South Africa every week.

Abdul Rahim Janoo, immediate past chairman of REAP said that recently Sri Lanka imported 200,000 tons and Bangladesh 100,000 tons of rice from Pakistan. However, some payments from Bangladesh were delayed.

Janoo said due to international recession their buyers, who purchased on cash, were asking for the supply on credit.

Safar Ali Lakhani, president Soneri Bank Ltd, said banking sector in the world was passing through some difficult times, but situation was better in Pakistan, as they depended on domestic economy.

He said with increase in support price for wheat and sugarcane, rural economy has improved in the country, whereas, urban economy, especially employed people were facing difficult times in terms of inflation and rising utility bills.

He said their branches in rice growing areas of Sindh; Jati, Talhar, Badin and other areas gave profit in just 6 months against Karachi branches that did not give profit in 2 years. “Assets of Soneri Bank have reached Rs100 billion and deposits to Rs75 billion,” he informed.

President Soneri Bank assured exporters that their all queries regarding export or import would be entertained within one week’s period only.