Basmati rice minimum price upheld by India amid ongoing grain export restrictions
Published on: October 14, 2023.
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Pakistan’s Thriving Rice Export Market Amid Global Changes
While India, the world’s largest exporter, continues to restrict the foreign trade of its rice, the industry for Pakistan rice thrives and continues to grow. India declared on October 14 that it would maintain the base export price for its basmati rice indefinitely, according to a governmental directive. This move is aimed to stabilize local rates in the leadup to significant regional polls.
The Indian government initially set the minimum export price (MEP) at $1,200 per tonne for basmati rice in August. However, the announcement on October 14 reported the decision to keep the MEP for an extended but unspecified period.
India’s Revised Export Policies
Changes in India’s export policies began in July when the country prohibited the foreign trade of non-basmati white rice. This decision was followed by the imposition of a 20% duty on the export of parboiled rice. The ongoing maintenance of the MEP is primarily aimed at preventing the illicit export of non-basmati rice mislabeled as basmati.
Pakistan’s Rising Role
Despite India’s restrictions on its rice export, rice suppliers, including Pakistan rice exporters, continue to prosper. Being major irri 6 rice exporters, rice mills in Pakistan adapt and evolve within the global rice industry, supplying exceptional white broken rice, and maintaining affordable Pakistani rice prices.
By focusing on quality standards, the rice exporters from Pakistan strive to ensure that their produce is of the highest quality. Pakistan’s thriving rice business, rice exporters, and suppliers offer a range of rice, including 25% broken rice, to the global market.
The rice export market continues to be dominated by these significant changes, and Pakistan rice suppliers are navigating through trying circumstances. As a result, the Pakistan rice companies, exporters and suppliers are delivering high-quality rice to the global platform while maintaining competitive pricing.
Source: The Hindu
