Indian basmati rice exporters get requests for early shipments

Indian rice exporters have been receiving requests from buyers to advance shipments of basmati rice after New Delhi banned exports of non-basmati white rice to dampen local prices, industry officials told Reuters. The world's biggest exporter of rice surprised buyers earlier this month by imposing a ban on exports of non-basmati white rice after retail rice prices climbed 3 per cent in a month after late but heavy monsoon rains caused significant damage to crops. Buyers are requesting early shipments because they fear that the government might put restrictions on exports of basmati rice as well, said Atul Garg, managing director at GRM Overseas, a leading exporter of basmati rice. Buyers usually sign long-term contracts with the assurance of dispatching a certain quantity every month. However, some of the buyers are now requesting to ship in August what was supposed to be shipped in September and October, he said. India exported around 4.5 million metric tons of basmati rice in ...