Pakistan’s rice exports declined during the first half of the ongoing fiscal year as a sharp fall in global prices reduced the country’s competitiveness in international markets, officials told the National Assembly Standing Committee on Commerce.

The committee was informed that higher global rice production and the resumption of rice exports by India after restrictions in the previous year led to a significant oversupply in the international market. India’s return pushed prices down by nearly half, creating a price gap of around $20 per tonne between Pakistani and Indian rice.

Officials said Pakistan currently holds rice stocks valued at about $2 billion, while large quantities were purchased by stockists, including investors from the real estate sector.

Members were also informed that Pakistani basmati rice was being sold in Iran under an alternative label, affecting branding and value recognition.