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REAP shows serious concern over the sudden decrease in freight rates

REAP shows serious concern over the sudden decrease in freight rates

LAHORE: Rice Exporters Association of Pakistan (REAP) has shown serious concern over the sudden decrease in $ rate and increase in freight rates by shipping companies, the export of rice has been hit badly.

One of the main issues in substantial increase of freight rates from previous rates of 600 to 3500 to Europe, and China from $100 to $750. Please note, the Freight hike hits a lot to commodity trade as the volume of trade is high as well as the freight factor is higher.

Furthermore, unfavorable exchange rates have doubled the grievances of rice exporters. We are already running behind due to so many factors, especially the very low Indian prices.

As we know a major food consumption area, due to COVID-19, continued global shut down of travel tourism, hotel and catering industry has decreased demand of rice. In hard times it requires a proactive approach by the Government to immediately address the above multiple Issues faced by the Rice Export Sector.