This time the basmati rice importers are asking for the shipment that was scheduled for September and October to be sent in August.
The price of rice on the international market has increased by 3 per cent after India banned the export of non-basmati rice. After the restriction on the export of non-basmati rice, there might be a surge in the export of basmati rice. The demand for basmati as an export has now unexpectedly surged. The reason for this is that the international consumers of basmati believe that India may eventually forbid basmati’s export. The export of basmati has never been prohibited by India. The cost of basmati rice may rise on the domestic market as a result of an increase in export demand.
Read More: Gold Rate Today In India: Check Retail Price In Delhi, Mumbai And Other Cities On August 2
In 2022-2023, India exported over 4.5 million metric tonnes of basmati rice. Major importers of Indian basmati include Saudi Arabia, Iran, Iraq, the United Arab Emirates, Yemen and the USA. Atul Garg, the managing director of GRM Overseas, a significant basmati rice exporter from India, is quoted in the Hindustan Times as saying, “Buyers are seeking to provide basmati rice quickly. They worry that the Indian government would also forbid the export of basmati rice.”
Read More: Tomato Prices Continue At Rs 200/ Kg In Chennai, TN Govt To Sell Veg From PDS Stores
According to Garg, purchasers typically sign long-term contracts. Each month, rice is ordered. However, this time the basmati rice importers are asking for the shipment that was scheduled for September and October to be sent in August.
While these are mere speculations made based on market trends, the Indian government has not given any indication of banning the export of basmati rice. India has not imposed any kind of restriction on basmati export for a long time. Only in 2008, export duty was imposed on the export of Basmati. A rice exporter from Delhi said that there is no possibility of India banning the export of basmati rice. But the ban on non-basmati rice has created a kind of panic in the market.
Read More: Meet Reed Jobs: Apple Co-Founder Steve Jobs’ Son Who Launched VC Firm To Fight Cancer
The farmers who planted basmati rice last year received a hefty premium for their harvest. Prices for the Basmati Paddy DB 1401 and PB 1121 cultivars have nearly hit Rs 5,000 per quintal. The cost of Basmati 1509 had also increased, reaching Rs 4,000 per quintal.
