COMMODITY
Rice exports of India jump 43% in January to October period of 2020
Dec-02-2020

The ministry of commerce and industry’s latest data showed that rice exports of India jumped 43% in January to October of 2020 from a year ago as buyers purchased lower-priced Indian supply to rebuild inventories after rival exporters trimmed shipments due a drought. Higher shipments from India, the world's biggest rice exporter, could cap global prices, reduce the country's bulging inventories and limit Indian state stockpiler purchases from farmers.

As per the data, India's rice exports in the first ten months of 2020 totalled million 11.95 tonnes, up from 8.34 million tonnes a year earlier. Non-basmati rice exports jumped 61% from a year earlier to 7.6 million tonnes after prices jumped in the world's second biggest exporter Thailand, making Indian shipments attractive. The country's basmati rice exports rose 20% to 4.36 million tonnes on strong purchases from Iraq.

India mainly exports non-basmati rice to Bangladesh, Nepal, Benin and Senegal, and premium basmati rice to Iran, Saudi Arabia and Iraq. Besides, the Rice Exporters Association estimates India's rice exports in 2020 may rise by nearly 42% from a year ago to record highs of 14 million tonnes.

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