India’s basmati rice exports surged by 17% in volume during the first three quarters of the current fiscal year (ended Dec. 21, 2022), while exporters are earning at least 20% more on average in overseas markets as Iran, Saudi Arabia and the UAE together bought half of India’s total shipments of the aromatic rice.
According to the latest data from the Agricultural and Processed Food Products Export Development Authority, the shipment of basmati rice increased to 3.2 million tons in April–December 2022 from 2.74 million tons in the year-ago period. However, in terms of value, the surge was 40% to $3,34 billion from $2,38 billion.
Due to the depreciation of the rupee, the growth is even higher – 50.5% – in Indian currency, at 26,591 crore rupees against 17,664 crore rupees. In fact, export realization in basmati rice increased to $1,044 per ton this fiscal from $868 per ton a year ago.
Prices did not increase from the average received ($1,057) in April-September, contrary to what was expected. Though traders and exporters paid record-high prices for basmati rice this year and anticipated a huge jump, it is a win-win for all stakeholders — farmers, exporters and consumers.
Recalling the 2013-14 price spiral in basmati, an industry source said exports may not rise that high over the next two months as contracts are happening at an average of $1,100-1,200/ton, though some are getting premiums and selling at $1,350 for limited quantities.
In the fiscal 2013–14, India exported 3.76 million tons of basmati rice worth $4.87 billion, a record high in value terms, realizing an average of $1,295 per ton.
“That was an exceptional year as Iran had bought nearly 1.5 million tons of basmati from India whereas the traditional top buyer Saudi Arabia imported around 0.8 million tons,” said an industry veteran who has been tracking basmati prices for the last two decades.
Source: Financial tribune
Import/Export Statistics
Please click to reach our marketplace
The following reports may be of interest to you:
Related posts:
Basmati, Non-basmati Rice Exports Up 7.37 per Cent in April-October 
Rice and wheat prices show diverging trend amid steady festive demand 
20 Percent Duty on Non-basmati Rice Exports From Indian Government 
Bangladesh Cuts Rice Import Duty to 5%, Allows More Private Shipments 
Pesticide Residue: Compulsory Check of Rice Exports to Non-eu Nations Put Off The fresh notification amends the one issued in March 2022 in which the exemption from mandatory inspection certification was extended till July 1, 2022 
Rice Prices Increase Up to 30% Due to Demand From West Asia, Dhaka India is Overbooked with Gulf’s Order for Basmati Rice 
India: Non-Basmati Rice Exports Have Recorded a 51.8% Rise Between April and December Last Year