India’s exports of premium basmati rice are likely to jump 15% over last year as key buyers in the Middle East build their inventories despite prices jumping by nearly a quarter, leading exporters told Republicpolicy.
Higher basmati exports would keep local prices firm, helping Indian farmers earn more by pushing paddy prices up to a record high.
“After the Ukraine war, buyers are afraid of a sudden supply disruption. Every buyer is trying to have enough stocks,” said Vijay Setia, former president, All India Rice Exporters Association.
India could export more than 4.5 million tonnes in 2022/23 financial year started on April 1, up 15 % from a year ago, he said. Trade ministry data showed that exports rose 11% to 2.16 million tonnes in the first half of 2022/23.
