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Many large buyers from Turkey land in India to buy basmati rice; prices surge.
Nov 03, 2023

After India reduced the minimum export price (MEP) of basmati rice to $950 from $1200 per tonne last week, many large buyers from Turkey have landed in India to buy basmati rice resulting in prices surging to $975-$1000 per tonne in the export markets.
 
Farmers from Haryana, Punjab, and western UP are now getting Rs 3900 per quintal for their basmati paddy crop (1509 variety), a Rs 700 per quintal rise within a week's time fuelled by heavy demand from the global markets for basmati rice.
 
'The old contracts that were kept in abeyance because of sub-$1200 price per tonne are being shipped now. New orders are pouring in with large buyers from Turkey visiting India to pick up good volumes of basmati rice,' said Vijay Setia, a basmati exporter and past president of All India Rice Exporters Association (AIREA).
 
On August 25, the government prohibited the export of basmati rice below $1,200 per tonne to prevent potential instances of 'illicit' shipment of regular white non-basmati rice disguised as high-quality basmati rice. It also kept the sub-$1,200 per tonne rice contracts in abeyance and asked the Agricultural and Processed Food Products Export Development Authority (APEDA) to set up a committee to evaluate the contracts.
 
After several representations by the AIREA to reduce the MEP, the Union commerce and industry minister Piyush Goyal agreed to bring down the MEP to $950 per tonne last week.
    
economictimes.indiatimes.com

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