Commodity News India’s Basmati Rice exports rise to 4.41 MT in 2018-19

Exports of basmati rice, the largest product in the country’s farm-export basket, touched a record high in volumes and rupee value terms in 2018-19 on account of aggressive buying by Iran and a weak currency.

Export volumes grew by about a tenth to over 4.41 million tonnes over the previous year, while the export value, in rupee terms, grew 22 per cent to touch Rs 32,806 crore.

In dollar terms, basmati exports went up by 13 per cent to $4.71 billion – the second highest since 2013-14, when it touched a record $4.88 billion.

“There was some good demand from Iran after a couple of years. Iran purchased over 1.4 million tonnes during the year,” said a top official of Basmati Export Development Foundation.

Further, a weak rupee helped the growth in basmati shipments to touch a new high in value terms, it said.

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