ISLAMABAD, April 16: The government is planning to export three million metric tons of surplus rice during 2007-08, which would earn $1.8 billion foreign exchange.

“The total exportable surplus from the 2007-08 rice crop is estimated at three million tons,” said Agriculture Development Commissioner Qadir Bux Baloch while talking to APP here on Wednesday.

Of the three million tons of exportable rice, one million tons of Basmati alone would fetch $1 billion and another $0.8 billion would be earned from other rice varieties, he said.

Mr Baloch said that rice was cultivated on about 2.5 million hectares, with a production of 5.5 million tons.

He further stated that Pakistan produces about 2.5 million tons of world class aromatic basmati rice, and due to its superior quality, Basmati fetches highest prices in the international market.

“The year 2007-08 is characterised with record high prices of rice fetched by Pakistani Basmati at $1,100 per ton.”