India's basmati rice exports set to rise after minimum price removal

Published 2024년 9월 24일

Tridge summary

India has eliminated the minimum price for exporting basmati rice, a move expected to boost orders from the Middle East, Europe, and Americas, and increase India's global market share. The removal of the minimum export price (MEP) has made Indian basmati rice more competitively priced globally, according to Akshay Gupta of KRBL Ltd. This development is anticipated to help India regain market share from Pakistan, with which it shares the production of premium basmati rice. India's basmati rice exports have already seen a 20% increase in the first four months of this fiscal year, reaching 1.9 million metric tons. With a predicted 10 to 12% rise in basmati rice production due to a favorable monsoon, India is well-positioned to further increase its exports.

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Original content

By Mayank Bhardwaj and Rajendra Jadhav NEW DELHI/MUMBAI (Reuters) - India’s decision to remove the minimum price for basmati rice exports is likely to spur a surge in orders from the Middle East, Europe and the Americas, top exporters said, helping New Delhi increase its share of the global market. Earlier this month, the world’s largest rice exporter removed the minimum price of $950 a metric tonne for basmati rice, weeks before the arrival of the new crop. “This policy change has enabled Indian exporters to offer basmati rice at more competitive prices globally, which is likely to drive higher export volumes,” Akshay Gupta, head of bulk exports at KRBL Ltd, told Reuters. The minimum export price (MEP) is a barrier to exporting certain types of basmati rice, and its removal has opened up opportunities for global buyers to access the full range of options, said Gaurav Bhatia, director of DD International, one of the largest basmati rice exporters. India and Pakistan are the only ...

Source: NoticiasAgricolas