9.60 lakh tonnes of Basmati rice exported in April-May
03-Jul-2024 08:49 PM
New Delhi. In the first two months of the current financial year i.e. during April-May 2024, the export of Basmati rice increased to 9.60 lakh tonnes, which was 15 percent more than the same period last year. Similarly,
the export income of Basmati rice also increased by 15 percent to $ 1.03 billion. According to a leading exporter, major importing countries have built a huge stock of Basmati rice by importing it in large quantities during the last financial year and hence they would not like to try to buy it at high prices for the next few months.
Meanwhile, due to bumper production of Basmati paddy during the last Kharif season in the domestic sector, millers and traders-exporters have a huge backlog of Basmati rice. In the next few months, the harvesting and preparation of the new crop of Basmati rice will start in Punjab,
Haryana and Uttar Pradesh and its arrival in the markets will start, so the government should reduce or abolish the minimum export price (MAP) fixed for Basmati rice. This will help farmers to get a profitable price for Basmati rice in the next marketing season.
During the entire period (April-March) of the financial year 2023-24, the export of Basmati rice from India jumped to a new record level of 58.40 lakh tonnes, earning a fantastic income of $ 5.83 billion. If there is better production of Basmati rice this year and MAP is abolished, then the export of Basmati rice can increase and reach even above last year's record level.
According to industry trade analysts, the production of Basmati rice in the Kharif season of the year 2023 increased by about 20 percent to 80 lakh tonnes as compared to 2022. Out of this, about 15 lakh tonnes were used in the domestic sector and 15-20 lakh tonnes of surplus stock remained available for the current financial year while the remaining quantity of Basmati rice was exported abroad. Due to good monsoon rains this time, there is a possibility of a great domestic production of Basmati paddy-rice once again.