Friday, 22 November 2013

West Asian Demand May Boost Basmati Exports, 13 Nov 2013

The quantity of basmati rice that was exported in the 2010-11 fiscal has almost been shipped out in the first 6 months of the current financial year.
Due to Strong demand from the key traditional markets in West Asian countries like Iran, Saudi Arabiaand Iraq, Basmati shipments are likely to double to close to 4 million tonnes in past 3 years.
In the current fiscal, basmati exports have increased by 16 % in volumes to exceed 2 million tonnes against 1.7 mt during the same time a year ago.
“ If Demand continues to be good from the traditional buyers, at this speed we may end up exporting over 3.8 mt for the current fiscal,” said R. Sundaresan, Executive Director of the All-India Rice Exporters Association.

Only factor that could hurt exports is rising prices of the raw material, 1121 paddy variety. Prices of raw material have almost doubled in the past one year.