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Basmati Exports Up 14% In April At $543 Million


Published Date: June 12, 2024
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Want to export basmati rice in bulk? There is interesting news for basmati rice traders. 

The current financial year has started on a high note for basmati rice exports, witnessing a remarkable 14 percent growth in April. This momentum follows a strong performance in the previous fiscal year.

In April alone, basmati rice exports in value reached $534 million, up from $470 million in the same month last year. The increased demand from major buyers such as Saudi Arabia and Iraq has significantly contributed to this growth.

So, keep reading this informative article if you want to Export Basmati Rice. This informative article will provide you some vital information on the latest export figures and trends of Indian basmati rice. 

Rising Demand from Key Markets

In volume terms, the Basmati rice exports went up by a whopping 17%, hitting over 4.99 lakh tonnes compared to 4.25 lakh tonnes last year. Saudi Arabia took the lead, buying over 1.45 lakh tonnes worth $177.24 million. Iraq wasn't far behind, snagging 1.37 lakh tonnes valued at $141.60 million. Also in the game were the UAE and the US, scoring 0.99 lakh tonnes worth $130.43 million and 0.58 lakh tonnes worth $124 million, respectively.  In fact, if you are a rice trader and want to export basmati rice, these countries should be the top choice. 

Record Shipments in FY24

The financial year 2023-24 was a milestone for India's basmati rice exports. Shipments saw a 15 percent volume growth, reaching a record 5.24 million tonnes. In value terms, the growth was even more impressive at 22 percent, crossing $5.83 billion. This record-breaking performance highlights the strong global demand and the competitiveness of Indian basmati rice in the international market, and opportunities for traders who want to export basmati rice in bulk

A Silver Lining Amidst Declines

Interestingly, basmati rice, along with other agri-products like guar gum and processed vegetables, managed to buck the broader declining trend in agricultural exports monitored by the Agricultural and Processed Food Products Export Development Authority (APEDA). While overall agricultural exports declined by 6.39 percent in April, basmati rice stood out with its robust growth.

Challenges in Non-Basmati Rice and Other Agri Exports

In contrast, non-basmati rice exports faced a 21 percent decline due to export restrictions, and wheat shipments dropped by 75 percent because of similar curbs. Overall cereal shipments fell by 8.44 percent. Other agri-products such as floriculture, fresh fruits, vegetables, pulses, and livestock products also registered negative growth, reflecting broader challenges in the sector.

A Promising Opportunity for Exporters

For basmati rice exporters, these figures are a clear signal of the significant opportunities in the global market. The sustained increase in export volumes and values indicates strong and growing international demand. Exporters can capitalise on this trend by expanding their market reach, ensuring high-quality standards, and leveraging the strong brand reputation of Indian basmati rice.

Conclusion

The impressive growth in basmati rice exports presents a magnificent opportunity for exporters looking to expand their business. With key markets showing increased demand and India achieving record shipments, the future looks bright for basmati rice exporters. By tapping into this potential, exporters can not only enhance their revenues but also contribute to the growth of the agricultural export sector.

If you want to export or Rice Importers  in bulk, Tradologie.com is the best B2B platform. It facialites the bulk transactions without any middlemen through its state-of-the-art SaaS platform. Visit www.tradologie.com to explore B2B export opportunities and stay updated with the latest trends in the industry. 

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