Indian Basmati Rice Exports Jump By 37% In First Half Of FY 2023

Indian Basmati Rice Exports Jump By 37% In First Half Of FY 2023

Located in South Asia, India is the second-largest rice producer and the largest Rice Exporter in the world. It holds a 40% share in the global rice trade and hot and humid climatic conditions that supports bumper harvest help India hold on to its position every year.

Owing to the Russia-Ukraine conflict that has led to disruptions in the supply chain and has caused global grain shortage, Indian exports of Basmati rice have grown both in terms of volume and value. 

Riding on the back of strong global demand and inflated prices, India exported Basmati rice of $2,280 million in the first half of FY 2023. With this, India’s basmati rice exports jumped by 37% in the April to September period as compared to the same period last year.

Facts and Figures

As per the data released by the Agricultural and Processed Food Products Export Development Authority (APEDA), Indian basmati rice shipments have grown from 19.45 lakh tonnes last year to 21.57 lakh tonnes this year in the April to September period. 

In terms of value, the exports of Indian basmati rice have been $2,280 million in the first half of FY 23, an increase of 37.34% as compared to the last year.

This increase in basmati rice exports has led to an increase in the earnings of farmers from Punjab and Haryana as they together account for around 70-75% of exports of Indian basmati rice. 

Reasons Behind Rise In Indian Exports Of Basmati Rice

India-the south Asian nation has always been one of the major rice exporters in the world. However, certain incidents in FY 2022-23 have provided a boost to the country’s rice exports. 

The escalations and tensions between Russia and Ukraine led to disruptions in the supply chain and skyrocketed food and fuel prices. Further, adverse weather conditions in different parts of the world added to the woes and with dwindling supplies, the demand for basmati rice grew strong in the global markets which ultimately helped India grow its exports of basmati rice.  

Major countries importing rice from India

Owing to its fine quality and superior taste, basmati rice enjoys a high demand around the world in general and in oil-producing nations in particular. Countries like Saudi Arabia, Iran, Iraq, Yemen, the UAE, the US, the UK, Kuwait, Qatar, and Oman are top Indian basmati rice importers and in the FY 2021-22, they together accounted for 80% of the total Indian basmati rice imports.

As per Vijay Setia, former vice-president, of All India Rice Exporters Association, Indian basmati rice exports grew by 37% in the first six months of FY 2022-23 on account of strong demand and increased exports to Iran.

Conclusion

India is the largest rice exporter in the world and by exporting 21.57 lakh tonnes of Basmati rice in the first half of FY 2022-23, the south Asian country has registered a growth of 37% in its basmati rice exports as compared to the year ago.

If you are a rice seller and are thinking to start exporting basmati rice, then you may do so through Tradologie.com. Tradologie has 600,000+ verified buyers from over 85 countries in its network and through the platform, you can grow your basmati rice business with ease. In case you are a buyer and are looking to buy bulk rice, then you may procure it by directly connecting with verified basmati rice suppliers on the platform. To get in touch, click here:- https://bit.ly/3NDmDb9

To stay updated, with the latest news about the agro-trade industry, follow Tradologie.com across all social media channels.

contributor

Related Articles