Way paved for India’s Gulf-bound rice exports to resume as war clouds lift

The Israel-Iran ceasefire has paved the way for India’s Basmati exports to resume to the Gulf region, which is a major market for the aromatic rice, with Iran accounting for as much as 35 per cent of the total shipments. Around one lakh tonnes of Basmati rice was stuck at Indian ports due to the 12-day war between Israel and Iran as ships could not sail to the conflict zone. These shipments were mainly stranded at the Kandla and Mundra ports on the Gujarat coast. India’s rice shipments to the Gulf countries pass through the Strait of Hormuz and with the war clouds having lifted the coast is clear for the resumption of ships to sail through. The welcome relief is also reflected in the Indian stock markets with the shares of Indian rice exporters such LT Foods, KRBL and Chaman Lal Setia Exports, which had crashed during the 12-day war, bouncing back after US President Donald Trump announced the ceasefire between Israel and Iran. Indian rice exports (Basmati and non-Basmati) to Saudi ...