The queen of rice, Basmati, is asserting its dominance in the global market, witnessing a remarkable export surge, surpassing the previous year’s figures. With the current pace, experts predict that crossing the significant mark by March this year is not beyond reach. The premium rice variety’s share in total agricultural exports during 2022-23 was 17.4%, which is expected to climb higher in the current fiscal year.
Impressive Export Figures and Revenue Boost
Between April and December 2023-24, a whopping 35,42,875 tonnes of Basmati rice took flight overseas, showing a remarkable surge compared to the prior year. Pusa Director sees the tide rising further, aiming for loftier export goals by March. The boom reflects not just in quantity but also in better pricing.
Market Dynamics and Challenges
The imposition of a Minimum Export Price (MEP) in August 2023 stirred the market. Basmati exports remained robust despite subsequent reductions, even in the face of pricing challenges. The international appeal of Basmati rice, cultivated only in India and Pakistan, continues to thrive, with the ban on non-Basmati white rice exports contributing to its market expansion. Basmati, holding a GI tag in seven Indian states, symbolizes quality and richness, catering primarily to the export market. Here, India takes the lead as the largest producer. However, challenges persist as neighboring Pakistan seeks to compete and disrupt the global Basmati market through unauthorized cultivation.
The new peak of basmati rice
Basmati rice’s reign in global markets has reached new heights, witnessing a remarkable export surge that outshines the previous year. The trajectory, with 35,42,875 tonnes exported between April and December 2023-24, signals an optimistic outlook, with the Pusa Director envisioning loftier goals by March. Beyond the sheer quantity, the surge is mirrored in improved pricing, reflecting the premium nature of Basmati. At the same time, market dynamics faced ripples from the imposition of the Minimum Export Price (MEP), Basmati’s international allure persists, fueled by the ban on non-Basmati white rice exports. Challenges linger as Pakistan aims to disrupt the market through unauthorized Basmati cultivation.
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