India's basmati rice exports to West Asia are expected to recover in the coming months after the US and Iran signed a peace agreement that includes the reopening of the Strait of Hormuz, which handles a significant share of global energy and cargo shipments.
India’s exports of basmati rice to West Asia had almost come to a standstill due to conflict-related shipping bottlenecks, higher freight costs and delays in contract execution. The Gulf region accounts for 60-70% of India's basmati rice exports, valued at about $6 billion annually.
“Greater stability in the region is expected to improve trade flows and revive demand from key Gulf markets, providing a much-needed boost to India’s basmati exports in the months ahead,” said Satish Goel, president of the All-India Rice Exporters’ Association.
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