Strong demand for rice and devaluation of Indian rupee against US dollar had a great impact on the country’s rice export.
Commerce Ministry officials and exporters are expecting a handsome amount for shipping both Indian Basmati and non-basmati rice to India during the fiscal year FY 2013-14.
The Basmati shipment will keep the India to keep its world’s top rice exporter crown and will continue to beat Thailand and Vietnam.
According to the latest commerce ministry data, realisation from Basmati exports during April-June increased a whopping 62% whereas rice contracted for exports during April-August saw a jump of 14% over the same period last year.
During April-August, 16. 87 lakh tonne of Basmati rice was contracted for exports increased by 2.12 lakh tones in the same period last year. Even the average price realisation during April-August was $1,362 per tonne against $1,030 per tonne during the same period last year.
Together with non-Basmati rice shipments, India’s rice exports gained in value terms during April-July, 2013.
R Seshadri, director, Tilda Riceland, one of India’s biggest Basmati rice exporters said that always globally the Indian Basmati rice is valued higher and sine rupee is week against US dollar than it is expected that the export will be increased and future contracts will be kept on
The rice export has increased after the government has removed a 4 year ban on the export of non-basmati rice in September 2011.
India has emerged as the world’s largest exporter of rice in 2011-12 and 2011-12, with shipments of about 10 million tonne. Thailand exported 6.9 mt and Vietnam sold 7.8 mt overseas.
Apart from Iran, other traditional buyers of Indian Basmati are Saudi Arabia, the UAE, Kuwait and Iraq.