Wait...

Online Export Import Data Search

Recent Searches: No Recent Searches
Complete Training Video : Click Here

Basmati Rice prices to rise further on export demand, low carryover stock.


Date: 19-01-2019
Subject: Basmati Rice prices to rise further on export demand, low carryover stock
CHANDIGARH: Basmati prices that have opened firm are set to go up further, traders said, as Indian exporters are facing a shortage of the premium long-grain rice in a season when top importer Iran has opened its market earlier than usual. 

Basmati has regained its flavour for the trade and farmers this year, as prices opened 15-20% higher than last year due to lower carry-over stocks, the government’s decision to increase the support price for non-basmati rice and a weaker rupee that boosted returns in the local currency on this export-focused commodity. 

Early opening of the Iranian market has come in as a boon for exporters in India and Pakistan. The Gulf nation usually observes a five-six-month ban on import of rice to safeguard the interest of its own growers. Tehran, which is facing US sanctions, opened the trade in December this time, compared with January in the previous season, following forecast of a lower domestic output of rice. 

However, traders said there were delays in payments, causing liquidity issues for them. 

Iran is releasing payments to exporters only after the bill of lading is submitted. “The situation is contrary to previous years when exporters were extended advance payments based on export history and export orders,” said Amit Miglani, managing director of rice exporter Lekh Raj Narender Kumar. 

This is because Iran has overhauled its payment mechanism to check misuse of subsidy on food grains by domestic importers who wrongly claim benefit on goods other than basmati, sources in the trade said.

But the situation is expected to improve, driving exports and strengthening prices from the current range of $1,050-1,200 (Rs 74,550-85,200) per tonne, traders said. 

“The global prices are set to keep the uptrend once payment issue of Iran is fixed, as exporters have limited stock and farmers have been paid Rs 500 per (quintal) higher for premium quality of rice,” Arvinder Pal Singh of Amar Singh Chawal said. Some exporters will have to default on their export commitments due to limited stock, he added. 

Basmati tops the list of agricultural commodities exported from India. The country ships around 4 million tonnes of the premium rice annually to more than 120 countries including Iran, Saudi Arabia and Iraq. A quarter of its bought by Iran. 

After initial hiccups over stringent residue rules that Saudi Arabia had adopted, exports have picked up to the second largest basmati buyer as well, as Riyad decided to withhold implementation of the regulations. 

Source: economictimes.indiatimes.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 21-10-2020
Notification No. 38/2020-Customs
Notification regarding exemption of duties of Customs against scrips issued under the RoSL scheme for apparel and made-ups sectors.

Date: 21-10-2020
Notification No. 07/2020 – Central Excise
Notification regarding exemption of duties of Central Excise against scrips issued under the RoSL scheme for apparel and made-ups sectors

Date: 20-10-2020
Notification No. 37/2020-Customs
Seeks to further amend notification no. 152/2009 dated 31.12.2009, regarding the rate of duty of customs on imports of "Polybutadiene Rubber" originating in Korea RP and imported under the India-Korea Comprehensive Economic Partnership Agreement.

Date: 15-10-2020
Notification No. 99/2020 - Customs (N.T.)
Exchange rate Notification No.99/2020-Cus (NT) dated 15.10.2020- regd.

Date: 13-10-2020
Trade Notice No. 30/2020-2021-DGFT
Electronic filing and Issuance of Preferential Certificate of Origin (CoO) for India’s Exports under GSP, GSTP, India-Malaysia CECA, India-Singapore CECA w.e.f. 15th October 2020

Date: 09-10-2020
Notification No. 39/2015-2020
Amendment in Export Policy of Onions

Date: 08-10-2020
Circular No. 44/2020-Customs
Procedure for inspection of ICDs/CFSs/AFSs -reg

Date: 08-10-2020
Notification No. 49/2020-Customs (N.T./CAA/DRI)
Appointment of CAA by Pr. DGRI

Date: 07-10-2020
Public Notice No.24 /2015-20
Revision of SION H-68, H-301 & H-302 of Export Products- Double Decorative/Single side Laminates with or without Barrier Paper

Date: 06-10-2020
Instruction No. 18/2020-Customs
Directorate General of Audit as a Nodal Directorate for Customs Post Clearance Audit –regarding



Exim Guru Copyright © 1999-2020 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001