Indian Economy News

India's rice exports rose by over 33% to 11.79 MT in first seven months of current FY, likely to surpass last FY's record over 17MT

India’s rice exports in FY22 is likely to exceed the record of 17.72 million tonne (MT) achieved in FY21 on the back of a 33% YoY jump in exports to 11.79 MT between April-October 2021. In terms of value realization, India’s rice exports increased 38% YoY to US$ 8,815 million in FY21. In Rupees terms, India’s rice exports increased by 44% YoY to Rs 65,298 crore in FY21.

Despite logistical challenges, India continued to expand its footprint in Africa, Asia and European markets thereby resulting in the largest share in global rice trade.

Basmati rice exports stood at US$ 4,722 million in FY19, US$ 4,330 million in FY20, US$ 4,018 million in FY21 and US$ 1,854 million between April-October 2021.

Non-Basmati rice exports stood at US$ 3,047 million in FY19, US$ 2,014 million in FY20, US$ 4,800 million in FY21 and US$ 3,454 million between April-October 2021.

Total rice exports stood at US$ 7,769 million in FY19, US$ 6,344 million in FY20, US$ 8,818 million in FY21 and US$ 5,308 million between April-October 2021.

India’s top three export destinations for basmati rice in FY21 were Saudi Arabia, Iran and Iraq with 22%, 16% and 14% of total exports respectively.

India’s top three export destinations for non-basmati rice in FY21 were Nepal, Benin and Senegal with 9.8%, 9.4% and 7.9% of total exports respectively.

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