India plans to ease rice export curbs as stocks surge to record, Reuters reports

Published 2024년 7월 18일

Tridge summary

India is planning to lower the floor price for basmati rice exports and replace the 20% export tax on parboiled rice with a fixed duty to manage rising rice inventories, which have reached a record high. The government is also considering reducing the minimum export price for basmati rice from US$950 to US$800-US$850 a metric ton to retain market share against Pakistan and boost shipments. Additionally, the government is looking at the possibility of resuming exports of white rice after assessing the rice planting progress.

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Original content

NEW DELHI (July 18): India is likely to cut the floor price for basmati rice exports and replace the 20% export tax on parboiled rice with a fixed duty on overseas shipments, government sources said, as rice inventories in the country jumped a record high. The world's biggest rice exporter imposed various curbs on exports in 2023 and continued them in 2024 in an effort to keep local prices in check ahead of the general elections held in April-May. New Delhi is expected to lower the basmati rice's minimum export price (MEP) to US$800 (RM3,731.95)-US$850 a metric ton, down from US$950 a ton, to boost shipments, said the sources, who didn't wish to be identified as they are not authorised to talk to media. Lowering the MEP would help India retain its market share against Pakistan, which exported a record amount of rice this year due to New Delhi's export curbs. India and Pakistan are the leading exporters of basmati rice. New Delhi exports more than 4 million metric tons of basmati — ...

Source: Theedgemarkets