Pakistan set to surpass India in basmati rice exports
India is likely to a face decline in exports of basmati rice in 2024 as Pakistan is all set to capture the international market with its competitive prices amid increase in production.
The arch-rival countries are leading exporters of rice, famous for its special aroma and length, to countries such USA, UAE, Saudi Arabia, Yemen, Iraq and Iran.
“Last year, buyers were hustling to stock up when Pakistan was facing production issues. This year, however, Pakistan offers lower prices than India due to increased production,” Vijay Setia, a leading exporter based in Haryana state of India told Reuters.
It is hoped that Pakistan’s rice exports would surged to 5 million tons in ongoing fiscal year of 2023-24, as compared to 3.7 million tons exported in previous financial year.
Iran, the biggest importer of Indian basmati rice, cut its buying by 36% in 2023.
Reports said Indian rice exporters are unable to offer competitive rates after the government imposed the minimum export price at $1,200 per ton, exceeding the previous MEP of $950 in October.
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