India removes floor price for basmati rice exports to boost shipments

India Scraps Floor Price for Basmati Rice Exports to Boost Appeal

India removed the floor price for basmati rice exports on September 13.
The previous minimum export price (MEP) for basmati rice was set at $950 per metric ton.
India is the world's largest exporter of basmati rice, exporting 4 to 5 million metric tons annually.
The removal of the MEP aims to boost overseas sales of basmati rice ahead of the new-season crop.
The decision was announced by India's Commerce Minister Piyush Goyal.

On September 13, India announced the removal of the floor price for basmati rice exports, a move aimed at boosting the competitiveness of this premium variety in the global market. The previous minimum export price (MEP) was set at $950 per metric ton, which had been established to regulate the market. The decision comes as the new-season crop approaches, and exporters had urged the government to eliminate the MEP to prevent farmers from accumulating excess stock. India is the largest exporter of basmati rice, with annual exports ranging from 4 to 5 million metric tons to various countries, including Iran, Iraq, Yemen, Saudi Arabia, the UAE, and the US. The announcement was made by Commerce Minister Piyush Goyal, who emphasized that this change would help increase exports and improve farmers' income.

India has eliminated the floor price for basmati rice exports to enhance competitiveness and increase shipments ahead of the new crop season. The previous minimum export price was $950 per metric ton.

India Removes Floor Price for Basmati Rice Exports

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India Removes Floor Price for Basmati Rice Exports

9/13/2024

[0]Bloomberg.com

[1]Reuters

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