India’s basmati rice exports increased 13 per cent during the first two months of current fiscal on growing demand from traditional West Asian buyers such as Saudi Arabia and Iraq.
Exports stood at over $1.03 billion during April-May 2024-25, up 13 per cent over $917 million a year ago on higher volumes. In volumes terms, shipments were up 16 per cent at 9.65 lakh tonnes over 8.3 lakh tonnes a year ago, as per the latest data from APEDA.
Saudi Arabia was the largest buyer with volumes exceeding 2.18 lakh tonnes, an increase of 41 per cent over1.54 lakh tonnes a year ago. In value terms, shipments to Saudi were up 38 per cent at $244 million over $177 million a year ago.
Similarly, basmati exports to Iraq, the second largest buyer, stood at over 1.57 lakh tonnes, an increase of 27 per cent. In value terms, exports to Iraq were up 23 per cent at $161.72 million over same period last year’s $130.84 million.
Iran was the third largest buyer of Indian basmati in this year, so far. However, shipments to Iran declined by 24 per cent at 1.16 lakh tonnes compared with 1.53 lakh tonnes a year ago. In value, basmati shipments to Iran were down 25 per cent at $115.53 million against $155 million.
The US was the fourth largest buyer with volumes of 46,565 tonnes, up 43 per cent year-on-year . In value terms, shipments to US were up 45 per cent at $60 million against $41.47 million.
India is the largest producer and exporter of basmati rice in the world. In the last financial year, basmati shipments clocked a 15 per cent growth in volume to hit a record 5.24 million tonnes, exceeding $5.83 billion in value terms. West Asia is the largest buyer of Indian basmati rice accounting for about two third of the volumes shipped.