Indian Basmati Rice Exports Reach $5.2 Billion, Registering a 22% Surge from Apr 2023 to Feb 2024
Published on: May 4, 2024.
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Exports of high-quality basmati rice from India experienced significant growth during the period from April 2023 to February 2024. The increase in exports was driven by strong demand, particularly from West Asia. According to data from the Indian government’s commerce department, the value of basmati rice exports rose by 22 percent to USD 5.2 billion, compared to the same period in the previous year. In terms of volume, exports of the premium rice variety increased by 14 percent, reaching 4.68 million metric tonnes, up from 4.1 million metric tonnes in the corresponding period.
To ensure sufficient domestic supply and control inflation, the Indian government implemented measures, including the ban on exports of non-basmati white rice in July 2023. Additionally, a minimum export price was imposed on basmati rice shipments to prevent the illegal export of non-basmati white rice disguised as premium basmati. Despite concerns about potential competition from Pakistan in the global basmati market, India’s exports were not affected, and the country continued to maintain its largest markets in West Asia, the Gulf Cooperation Council, Europe, North and South America. However, there was a slight impact on European exports due to the Red Sea crisis.
West Asia is responsible for more than three-fourths of India’s total basmati rice exports. Iran, Iraq, Saudi Arabia, the United States, and the United Arab Emirates are the top five export destinations for the aromatic long-grain rice variety. The number of countries importing Indian basmati also expanded, with 149 countries importing the rice during the period from April to December 2023, compared to 140 nations in the previous year, highlighting its growing international appeal.
Source: [KNN India](https://knnindia.co.in)
