Exports Of Basmati Rice Records 16% Jump, Non-Basmati Declines By 6.9% In 2024
Date
1/23/2025 2:08:54 PM
(MENAFN- KNN India)
New Delhi, Jan 23 (KNN) India, the world's largest rice exporter, sustained its global rice trade volumes in 2024, with strategic shifts in export composition offsetting initial market constraints, government and industry sources told Reuters.
Official data reveals that India exported 17.8 million metric tons of rice in 2024, a marginal decline from 17.86 million tons in the previous year.
The export landscape was characterised by significant variations across rice categories, with premium basmati rice emerging as a critical driver of sustained export performance.
Basmati rice exports demonstrated remarkable resilience, surging 16.3 percent to reach a record 5.7 million tons. Key markets including Saudi Arabia, Iraq, and the United Arab Emirates continued to import substantial quantities, even amid price increases.
Conversely, non-basmati rice exports experienced a 6.9 percent reduction, totaling 12.1 million tons, as elevated prices prompted some traditional importing nations like Bangladesh, Cameroon, Djibouti, and Gambia to curtail purchases.
The Indian government's strategic removal of export restrictions in September and October 2024 played a pivotal role in stabilising the rice trade. These actions effectively counterbalanced earlier limitations imposed in July and August 2023, enabling a robust recovery in the December quarter.
Industry experts noted that while initial projections anticipated a more substantial export decline, the final figures defied expectations.
A Kolkata-based rice exporter emphasised that strong December quarter demand not only stabilised exports but also positioned the sector for potential growth in 2025.
Contextualising India's global significance, the nation traditionally exports more rice than the combined shipments of the next four largest exporters: Thailand, Vietnam, Pakistan, and the United States.
For perspective, in 2022, India's exports represented over 40 percent of the world's total rice exports, which stood at 55.4 million tons.
The steady rice export performance is expected to contribute to moderating global rice prices and assist India in managing its record-high domestic stockpiles resulting from a bumper crop.
This strategic approach underscores India's critical role in global agricultural trade and food security dynamics.
(KNN Bureau)
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