Despite New Delhi's export curbs, India's rice exports remained stable in 2024, with record high premium basmati rice shipments offsetting a drop in non-basmati rice sales overseas, according to government and industry officials.

India’s Rice Exports

A consistent supply of rice from the world's largest exporter should help to lower global rice prices and assist New Delhi in reducing stockpiles, which have risen to a record high due to a bumper crop.

According to a government official, “exports recovered in the December quarter after export restrictions were removed and made up for the shortfall in the first half of the year.”

Nearly all of the restrictions that India had placed on the export of non-basmati and premier basmati rice in July and August of 2023 were lifted in September and October of 2024.

According to the official, the nation shipped 17.8 million metric tons of rice in 2024, a slight decrease from 17.86 million tons the previous year.

According to him, despite price increases, Saudi Arabia, Iraq, and the United Arab Emirates increased their purchases of basmati rice in 2024, causing exports to soar 16.3% to a record 5.7 million tons.

As record prices compelled Bangladesh, Cameroon, Djibouti, and Gambia to cut back on purchases, non-basmati rice exports decreased 6.9% to 12.1 million tons, he added.

India typically exports more rice than the combined shipments of the next four biggest exporters in the world: the US, Thailand, Vietnam, and Pakistan.

We anticipated that rice exports would decline by over 20% in 2024, but we were taken aback by the robust demand in the December quarter. A rice exporter based in Kolkata stated that exports were mainly stable and would increase even more in 2025.

A record 22.27 million tons of rice were exported by India in 2022, accounting for over 40% of the 55.4 million tons of rice exported globally.