Continued export restrictions keep India’s basmati rice floor price steady
Published on: October 14, 2023.
Filed under:
The Lock on Basmati Rice Export Prices Continues in India
India, which is known as the globe’s biggest exporter, has declared to withhold the preliminary price for basmati rice exports indefinitely, according to recent governmental documentation. This order was introduced as part of the country’s measures to control overseas cargo of grains.
The stipulation for a minimum export price (MEP) of $1,200 per ton on basmati rice consignments was first introduced in August as an initiative to placate local prices ahead of critical state elections. As per the recent government command, this containment on the MEP of basmati rice, initially applicable only until Sunday, will now be sustained without an end period being determined.
The country had earlier put a hold on exports of non-basmati white broken rice in July and more recently imposed a 20% customs duty on the exported parboiled rice. This measure was taken in an attempt to prevent rice suppliers from exporting non-basmati rice under the misrepresentation of it being basmati to control the rice export prices.
Further data gathering and reporting of this news was conducted by Mayank Bhardwaj and its editing was done by William Mallard.
Our Standards: The Thomson Reuters Trust Principles.
Source: reuters.com
