According to the officials of Commerce Ministry, India’s rice export earnings have been severely affected by declining of global prices in the last couple of months in spite of a significant and steady increase in the volume of exports. The decline is very pronounced in case of basmati rice exports, as per the data indicated by the Agricultural and Processed Food Products Exports Development Authority (APEDA).
According to the APEDA report, the earnings from basmati rice exports stood around Rs.6, 780 Crore (around $1 billion) during the first three months of FY 2015-16 (April – March), which down about 19% from around Rs.8, 370 Crore (around $1.3 billion) during the same period last year. While, India’s basmati rice exports increased about 15% y/y to around 1.1 million tons during the three-month period. Further, average export price of basmati rice has declined to around $1,050 per ton during the three-month period from around $1,295 per ton last year.
As per sources, the data showed that earnings from non-basmati rice exports stood at around Rs.3,864 Crore (around $606 million) during first three months of FY 2015-16 , more than about 6% from around Rs.3,645 Crore (around $571 million) during the same period last year. However, India’s total rice exports declined about 12% y/y to around Rs.10, 644 Crore (around $1.7 billion) in April-June this year whereas the tonnage increased about 8% y/y to around 2.7 million tons.