MUMBAIKARACHI, Jan 30 Reuters Pakistan39;s rice exports are likely to jump to a record high in the year ending in June as rival India39;s decision to curb its own shipments forces buyers to purchase more from Islamabad, which is offering the grain at nearly 16 yearhigh prices.

The record exports are helping to alleviate tight supplies following the restrictions imposed last year by India, the world39;s biggest exporter, and will bolster Pakistan39;s depleted foreign exchange reserves, which are crucial for financing imports.

We39;ve seen a solid demand for rice in the last few months, mainly because India stopped exporting, Chela Ram Kewlani, chairman of Rice Exporters Association of Pakistan REAP told Reuters.

India, which ordinarily ships nearly 40 of globally traded rice, banned exports of nonbasmati white rice in a surprise move last year and also imposed export duty on parboiled rice.

Pakistan39;s exports could jump to 5 million metric tons in 202324 financial year, up from the last year39;s 3.7 million tons, Kewlani said.

Some industry officials are even more optimistic, suggesting that exports could reach 5.2 million tons, given the substantial improvement in production this year.

Pakistan could produce 9 to 9.5 million tons of rice in 202324 after production fell to 5.5 million tons a year ago because of floods, said a New Delhibased dealer with a global trade house.

Higher production and elevated global prices are allowing Pakistan to export at a rapid…