The global availability of Basmati Rice has increased to 67.10 million tons in the financial year 2019 to 2020.
At present, the rising tension between Iran and the USA would hit the export value of the premium quality of rice. Instead of that, in the current fiscal month of January 2020, Basmati Paddy Prices are again recovered by 2 percent. The price of Basmati has increased in the global market too in the current harvesting season, according to the Indian Commodity exchange.
Reasons for Dropped Price Value in the Global Market
- Iran was the largest importers of Basmati Rice in the past two consecutive years. It accounts for one-fourth of India’s exports while European countries imported around 8 percent of Indian rice. In last year, India has lost the Basmati Rice Export contracts due to strict pesticide residual laws imposed by the European Union.
- The Parboiled is widely exported to the Gulf countries. The price has fallen in the global market due to the halted import of Basmati to the Gulf countries and the international market price of Parboiled Basmati Rice has dropped due to the tension between the USA and Iran.
Prospects of Growth in Basmati Rice Price in the Global Market
- The perceptible improvement in the US-Iran relations and demand around the New Year, the prices have gained further in the market. There is also expecting a further improvement in the price of the Basmati Rice in the coming months. Once the reopening of the lucrative Iran market for Indian rice exporters, it is projected that the price of the rice will be hiked again in the global market.
- The Indian exporters are optimistic that the Iran market would be back on track in the next 2 to 4 months. Iran accounts for more than one million tons of Basmati exports annually. The partial recovery of the rice price is supported by an increase in the international price. The global availability of the rice has increased by 600,000 tons from December 2019 onwards.
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