Rice Export

'As of now, there has been no confirmation from the authorities and the response from the embassy in Tehran is also taking time'

Exports of broken rice increased 33.37 per cent to 23.82 lakh tonne during April-September FY23 as against 17.86 lakh tonne in the year-ago period, Parliament was informed on Wednesday. Minister of State for Commerce and Industry Anupriya Patel said there has been a sudden increase in demand for the Indian broken rice in the international market due to geo-political reasons. "India's exports of broken rice have increased from 17.86 Lakh MT in 2021-22(April- September) to 23.82 Lakh MT in 2022-23 (April-September), registering a growth of 33.37 per cent," she said in a reply to the Lok Sabha. The minister added that the export has increased about three times in the last four years from 12.21 lakh tonne in 2018-19 to 38.90 lakh tonne in 2021-22 in volume terms. In value terms also, shipments rose from USD 369.58 million in 2018-19 to USD 1.13 billion in 2021-22. Broken rice is mainly used for ethanol production and as poultry and cattle feed. Citing the first advance estimates for

Exports may still face some curbs with the imposition of a duty instead of the complete ban that is currently in place, but matters are still at a discussion stage, say sources

Pure Gobindobhog rice is grown in a few districts of West Bengal and it has been awarded Geographic identification on October 24, 2017

The surprise move trapped nearly 1 million tonnes of rice at ports or which had been in transit before the government made the announcement

India's recent curbs on rice exports could trigger a rally in global prices after more than a decade of stability, traders said, as New Delhi's protectionist move coincides with falling output

India will allow overseas broken rice shipments of 397,267 tonnes backed by letters of credit (LCs) issued before September 8, the government said

The government imposed a ban on the export of broken rice with effect from September 9 to increase domestic availability

The restrictions were placed, because sowing has not been up to expectations on account of irregularities in rainfall

Should you hold rice mill stocks amid export curbs?

Govt's imposition of export duties on rice may harm the profitability of rice-mill companies in the near-term. But, healthy rice harvest is expected to override negative sentiments in the long-haul

Shares of LT Foods, Kohinoor Foods, KRBL, Chaman Lal Setia Exports, for instance, have declined in the range of 2 per cent to 9 per cent, as against 0.4 per cent gain in the Nifty50 index.

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The restrictions are threatening to ignite inflation for yet another key commodity, and may deprive some of the globe's poorest nations of a crucial element of their diet.

Curbs on rice exports are ill-advised

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India exported around 1.8 MT broken rice between April-June

Below-average rainfall in key rice-producing states such as West Bengal, Bihar and Uttar Pradesh has raised concerns over rice production in India

Rice procurement a tad higher than 50.98 mn tonnes in 2021-22; market sources say this could be a sign that govt does not expect a major drop in Kharif rice output

The government has no plans as of now to impose any restrictions on exports of rice and there are adequate buffer stocks to meet the domestic requirements, according to an official source. There were some discussions on imposing curbs on rice exports but no decision has been taken yet. The government is unlikely to put in any place restrictions, the source said. India, the world's second largest rice producer after China, commands 40 per cent share in the global trade. The country exported 21.2 million tonnes of rice in 2021-22 fiscal year, of which 3.94 million tonnes were basmati rice. It exported non-basmati rice worth USD 6.11 billion in the same period, as per official data. The country exported non-basmati rice to more than 150 countries in 2021-22. With area under coverage for paddy down by 6 per cent to 367.55 lakh hectares so far this kharif sowing season due to less rains in some states, there are concerns that production of rice may fall in the 2022-23 crop year ...