Basmati rice price stays stable in India amidst ongoing grain export restrictions
Published on: October 14, 2023.
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India Upholds Basmati Rice Export Floor Price Indefinitely
India’s government announced on Saturday that it will retain the minimum export price (MEP) for basmati rice indefinitely, as per a recent order. This decision aligns with the ongoing efforts by the world’s largest rice exporter to regulate its overseas shipments of the grain.
In August, India set a $1,200 per ton MEP on basmati rice exports aiming to stabilize local prices in the face of major state elections.
Further Restrictions on Rice Export
The government order extended the previously determined MEP, scheduled to end on Sunday, until further notice. Responding to concerns over rice trade practices, the restriction aims to thwart attempts to mislabel non-basmati rice as the more expensive basmati rice for export purposes.
This move is the latest in a series of measures India has implemented to manage its rice exports. In July, it banned the export of non-basmati white rice, and just last week, it levied a 20% duty on exported parboiled rice. These efforts reflect the country’s focus on maintaining local rice supplies and price stability amidst global uncertainties.
Source: https://uk.style.yahoo.com
