Basmati shipments rise to record high of 5.24 mt on demand from traditional buyers
India’s rice exports during the financial 2023-24 saw a 27 per cent decline in volume and 6.5 per cent dip in dollar value, largely on fall in shipments of non-basmati rice. The Government curbed exports of non-basmati rice during the year to ensure higher domestic supplies and contain rising foodgrains price.
The impact of the curbs on exports of non-basmati rice on the overall cereal shipments was minimised by a record exports of basmati rice during the year. Basmati exports clocked a 15 per cent growth in volume and 22 per cent growth in value over the previous year on demand from traditional buyers in the West Asian region.
In volume terms, basmati shipments rose to a record high of 5.24 million tonnes (mt) over 4.56 mt the previous fiscal, while in value exports of the aromatic rice were up at a new high of $5.83 billion over $4.78 billion a year ago. In rupee terms, exports were up at ₹48,389 crore ( ₹38,525 crore).
Saudi stays large buyer
Saudi Arabia continued to be the largest buyer of Indian basmati with volumes of 1.09 mt — an increase of around 15 per cent over the previous year. In value terms, the shipments to Saudi rose by a fifth at $1.25 billion ($1.03 billion).
Iraq emerged as the second largest buyer of Indian basmati displacing Iran, which slowed down the purchases in 2023-24. Basmati exports to Iraq grew by 126 per cent to 0.82 mt over 0.36 mt a year ago. In value terms, exports to Iraq were up 137 per cent at $0.88 billion over $0.37 billion the previous year.
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