Located in Asia, India is the leading rice exporter in the world. It commands a mammoth 40 per cent share in the global rice trade and different varieties of Indian rice enjoy strong global demand all year round. Amongst all varieties of rice exported by the Asian nation, the Indian basmati rice has earned a special place for itself in hearts of people abroad and the fine aromatic rice brings an estimated foreign inflow of Rs 12,000 crore every year.
Cashing on strong global demand, basmati rice exporters and traders have a good business every year and as it seems, this is likely to be the case this Kharif marketing season as well.
According to reports, there has been a surge in demand of basmati rice, both in domestic and international markets this year and this has fueled up prices of Basmati rice from Rs 83,068 per metric tonne last year to Rs 90,776 per metric tonne this year.
Facts and Figures
According to the data released by the Agricultural and Processed Food Products Export Development Authority (APEDA), India’s basmati rice exports totaled 4.24 lakh MT in April 2023, up 1.05 lakh MT as compared to last year.
The rise in basmati rice exports have also fueled the prices of the staple in the domestic markets of the country. Currently, the prices of basmati rice are ruling above Rs 80 to Rs 120 per kg as compared to Rs 70 to Rs 100 per kg last year.
Market Sentiments
Basmati rice exporters and traders are happy about the current market situation. Increased demand and rise in prices of the staple have helped them earn handsome profits and they believe the demand to remain strong in the months to come.
Former president of All India Rice Exporters Association (AIREA), Mr. Vijay Setia termed the present market situation as favorable for farmers and traders.
“Yes the prices of both basmati and non-basmati rice have increased following a surge in demand in the international market. Even India’s Basmati rice export has increased and there is a strong possibility that the farmers will get a good price for their produce this year.”
He however mentioned that the government should lift the levy from the procurement of basmati paddy in mandis of Haryana as this will boost competition and will act as a boon for the local farmers as well.
The Bottom Line
India has earned its name in the global rice market and its fine long grain aromatic rice has a huge demand from different corners of the world, all year round. This year as well, Indian basmati rice exporters and traders had a good business and figures reflect the same. Increased exports have led to rise in prices of the staple both in domestic and international markets and traders believe the demand to remain strong in the months to come.
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