Rice is an important ingredient of the global diet. It is a rich source of carbohydrates. As such, people around the globe consume it for its rich calorific value. With the rise of globalization and liberalization, even countries deficient in rice production started exporting rice from the surplus production countries.
Basmati rice importer/exporter has been making riches with growing trade activities. Some of the top exporters of rice are India, Thailand, United States, Vietnam, Pakistan and China. India exports both Basmati and non-Basmati rice to international markets. Basmati rice and its variants are always in great demand due to its rich flavor and high nutritional value. Few commonly Traded Basmati rice are 1121 Basmati rice, 1509 Basmati Rice, Sugandha Basmati Rice, etc.
India holds the distinction of being the leading exporter of Basmati rice to the Global market. India basmati rice export shipment stood at approximately 4.55 million tons for the year 2019-20. Prominent export destinations are Iran, Saudi Arabia, Iraq, UAE and Kuwait. India produces more than 70% of the world’s basmati rice. Major areas of production are foothills of Indo-Gangetic plains due to favorable climatic conditions. The strength of India’s export capacity has been visible even during the pandemic. Laborers played a crucial role in the country witnessing bumper export even during the pandemic. High demand for Basmati rice across the countries especially MENA (Middle-East and North Africa) has fuelled the export figure. Continuous interest in India’s Basmati rice has triggered a row with neighboring countries over its geographical indication tag. India on its part has unequivocally denied having claimed exclusivity over Basmati rice. Things are expected to drag on for some time in the EU. For information, India has a 65% global share of Basmati rice while Pakistan has a 35%. In recent times, there have been few challenges concerning the export of Basmati Rice. Payment issues with Iran are expected to be sorted out in the coming month. The Iranian government has lifted the seasonal ban on imports. If everything goes as expected, exporters might start operations in January by signing contracts. Pakistan has been trying to substitute India as an exporter in Iran’s market. However, experts in India see this as a temporary phenomenon.
Given the high level of Basmati rice production and great demand in the international markets, new suppliers and sellers are constantly trying to gain a foothold in the industry. However, initial enthusiasm is dampened with the presence of a large no. of middlemen, intermediaries and brokers in the trading activity. There is rarely any direct interaction between buyers and sellers. The actual price quoted by the seller gets inflated to an infeasible one by the time it reaches the buyers. In spite of the presence of traditional aggregator platforms like India Mart, Trade India, there has been very little success in weeding out the middleman. In an ideal scenario, the transaction should happen directly between buyers and sellers so that buyers receive the most value out of the transaction.
Tradologie, a next-generation, B2B, trade enabler platform has been conceived with the idea of offering the most value to the buyers. It is a great platform for buying Basmati rice in bulk. We have developed a fool-proof mechanism to ensure that transaction sells through. Our path-breaking concept of reverse innovation and counteroffer makes sure that buyers receive the best price and quality. There are non-conflicting benefits for both buyers and sellers. Technology will be the game-changer in the trading of Basmati rice in bulk.
Conclusion: If you are planning to export Basmati rice looking to expand current operations, Tradologie is the platform. Our idea of leveraging technology to expand business interest has been acknowledged by captains of the industry.
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