Exports of high-quality basmati rice from India grew by over a fifth to $5.2 billion during April to February, amid robust demand primarily from West Asian nations.
According to data compiled by the commerce department, exports of basmati rice increased to 46.79 lakh metric tonnes in April to February in quantity terms, from 41.00 lakh metric tonnes during the same time period a year ago, registering a growth of 14 per cent.
“We have seen good growth this year in terms of value and quantity, despite the minimum export price on basmati rice, constraints at the Red Sea,” a government official said.
In July, the government banned the export of non-basmati white rice to boost domestic supply and help control inflation. A month later, a minimum export price, also known as a floor price, was imposed on exports of basmati rice to restrict possible ‘illegal’ shipment of white non-basmati rice in the garb of premium basmati rice.
To be sure, non-basmati white rice accounts for nearly 25-30 per cent of total rice exported from the country. India is also the world’s largest exporter of rice.
“This is also despite Pakistan’s exports of basmati rice also growing. Our exports have not suffered,” another government official said.
“Our largest markets include West Asia, the Gulf Cooperation Council, Europe, North America, and America. The Red Sea crisis has impacted our European exports,” the second government official said.
The entire West Asia comprises more than three-fourths of India’s basmati rice exports. India’s top five export destinations for basmati rice are Iran, Iraq, Saudi Arabia, the United States, and the United Arab Emirates.
According to data compiled by the commerce department, the number of export destinations for basmati rice grew to 149 in April to December from 140 during the same period a year ago.
First Published: Apr 26 2024 | 4:57 PM IST
