With record shipments and potential EU market growth ahead, farmers may get better rates BY PRABHUDATTA MISHRA Export demand for Basmati is likely to be robust this year, which is good news for farmers of the aromatic varieties ahead of the sowing season after they received record prices last year for their crop. A calibrated production may help them to thwart any kind of over supply situation that normally follows after a good year. Basmati rice shipments rose to a record high of 5.
24 million tonnes (mt) in 2023-24 fiscal against 4.56 mt in the previous fiscal, registering a growth of 15 per cent. In value term, exports of the aromatic rice were up at a new high of $5.
83 billion over $4.78 billion or ₹48,389 crore against ₹38,525 crore. The per unit realisation has jumped too.
With more rejections of Pakistan’s Basmati rice due to not conforming to the maximum residue level (MRL) norm of the European Union and the likely recognition of India on the Geographical Indication (GI), Indian exports of the aromatic rice in the EU may register 0.5 mt higher in the current fiscal. India had exported 152,881 tonnes of Basmati rice worth $166.
81 million to EU countries in 2023-24, down from 164,138 tonnes worth $210.97 million in 2022-23, APEDA data show. “The current geopolitical scenario in the West Asia indicates that the export of Basmati rice will increase in the upcoming season.
Our exports to Europe will also significantly increase in view of improving quality from India.