Basmati Rice Export Ban: The export of Basmati rice has now been restricted by the central government. In this regard, a formal notification has been made. The national government had earlier on July 20 prohibited the export of non-basmati white rice. The government had taken this action in order to increase domestic supplies and manage their retail pricing in light of the forthcoming holiday season. Broken rice exports were also halted earlier in September of last year.
Traders Express Concerns Over Basmati Rice Export Restrictions
With this new choice, all basmati rice contracts with prices under $1200 per tonne would temporarily come to an end. According to traders, Pakistan will now have an advantage over India. India sold basmati rice worth $4.8 billion in the fiscal year 2022–2023, according to figures from the commerce ministry. This shipment came to 4.56 million tonnes in total.
Impact on Prices, Production, and Consumer Dynamics
According to data released by the Food Ministry last month, non-basmati white rice makes up roughly 25% of all rice exports from the nation. The country’s consumers will pay lower prices if its exports are prohibited. After the price of the grain skyrocketed, the decision was made to outlaw the export of non-basmati white rice. When compared to the same quarter a year prior, non-basmati white rice exports increased to 15.54 lakh tonnes from 11.55 lakh tonnes. According to estimates, the nation would produce 135.5 million tonnes of rice overall in the kharif crop year 2022–2023 as opposed to 129.4 million tonnes in the previous year.
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