Indian Economy News

Basmati rice exports rose 22% till February FY24 on West Asia demand

  • IBEF
  • April 29, 2024

India's basmati rice exports surged by 22% to US$ 5.2 billion between April 2023 and February 2024, driven by robust demand primarily from West Asia. Despite constraints and the imposition of minimum export prices, exports grew to 4.68 million metric tonnes during this period, up 14% from the previous year. Government officials noted steady growth in both value and quantity, attributing it to sustained demand despite regulatory measures.

The government banned non-basmati white rice exports to stabilize domestic prices and curb inflation. It introduced a minimum export price for basmati rice. Although concerns about potential market shifts favouring Pakistani basmati were raised, officials reassured that India's exports remained unaffected. Key export destinations include Iran, Iraq, Saudi Arabia, the US, and the UAE, with West Asia dominating India's basmati rice exports. Despite challenges such as the Red Sea crisis impacting European exports, India remains the world's largest rice exporter.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.