{"id":9543,"date":"2023-10-26T11:54:14","date_gmt":"2023-10-26T11:54:14","guid":{"rendered":"https:\/\/ricenewstoday.com\/dev\/?p=9543"},"modified":"2023-10-27T11:55:09","modified_gmt":"2023-10-27T11:55:09","slug":"govt-reduces-floor-price-of-basmati-rice-exports-to-950-per-tonne","status":"publish","type":"post","link":"https:\/\/ricenewstoday.com\/dev\/govt-reduces-floor-price-of-basmati-rice-exports-to-950-per-tonne\/","title":{"rendered":"Govt reduces floor price of basmati rice exports to $950 per tonne"},"content":{"rendered":"\n<p>On August 27, the government banned exports of basmati rice below $1,200 per tonne to restrict possible &#8220;illegal&#8221; shipment of white non-basmati rice in the garb of premium basmati rice<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"826\" height=\"465\" src=\"https:\/\/ricenewstoday.com\/dev\/wp-content\/uploads\/2023\/10\/image-152.png\" alt=\"\" class=\"wp-image-9544\" srcset=\"https:\/\/ricenewstoday.com\/dev\/wp-content\/uploads\/2023\/10\/image-152.png 826w, https:\/\/ricenewstoday.com\/dev\/wp-content\/uploads\/2023\/10\/image-152-600x338.png 600w, https:\/\/ricenewstoday.com\/dev\/wp-content\/uploads\/2023\/10\/image-152-300x169.png 300w, https:\/\/ricenewstoday.com\/dev\/wp-content\/uploads\/2023\/10\/image-152-768x432.png 768w\" sizes=\"(max-width: 826px) 100vw, 826px\" \/><\/figure>\n\n\n\n<p>The government has reduced the floor price for basmati rice exports to $950 per tonne from $1,200 per tonne amid concerns that higher prices were hurting outward shipments.<\/p>\n\n\n\n<p>News agency PTI reported that the commerce ministry, in a communication to Agricultural and Processed Food Products Export Development Authority (APEDA), said: \u201cIt has been decided to revise the price limit for registration of contract for export of basmati rice from $1,200 per tonne to $950 per tonne.&#8221;<\/p>\n\n\n\n<p>On August 27, the government banned exports of basmati rice below $1,200 per tonne to restrict possible \u201cillegal\u201d shipment of white non-basmati rice in the garb of premium basmati rice.<\/p>\n\n\n\n<p>On October 15, it extended the notification for an indefinite period. But, the very next day, the ministry issued a statement saying the review of the Minimum Export Price (MEP) of $1,200 per tonne levied in August was still under active consideration.<\/p>\n\n\n\n<p>The statement was made amid reports that enraged over the extension of the MEP on basmati rice, some exporters had stopped buying new basmati from farmers. This had led to a decline in their open market prices by at least Rs 300-400 per quintal since the MEP was extended.<\/p>\n\n\n\n<p>The exporters were demanding that the MEP be brought down to $900-1,000 per tonne to improve overseas sales.<\/p>\n\n\n\n<p>However, a section of the exporters and officials justified the high MEP on the grounds that the current FOB (free on board) export price of Indian basmati rice after assuming a procurement price of around Rs 3,835 a quintal comes to around $1,170 per tonne in Mundra and Jawaharlal Nehru Port Trust ports.<\/p>\n\n\n\n<p>The MEP is just around $30 per tonne more than the FOB price, which translates into a nominal increase in purchase price for international customers, they argued.<\/p>\n\n\n\n<p>\u201cThe government\u2019s latest decision will reinstate competitiveness of Indian basmati rice shipments at the global markets,\u201d Atul Garg, managing director of GRM Overseas, said in a statement.<\/p>\n\n\n\n<p>He said exporters were now working towards regaining the lost ground. As a result, the buying cycle is showing signs of getting the momentum back.<\/p>\n\n\n\n<p>\u201cThe reduction in the MEP will again make Indian premium quality basmati rice attractive in the global market,\u201d Garg said.<\/p>\n\n\n\n<p>In FY23, India exported around 17.8 million tonnes of non-basmati rice and 4.6 million tonnes of basmati rice. Of the non-basmati rice exports, around 7.8-8 mt was parboiled rice.<\/p>\n\n\n\n<p>Rice prices have shot up globally due to an expected drop in production because of El Ni\u00f1o. Among countries, rice production in Asian countries is among the worst-hit.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On August 27, the government banned exports of basmati rice below $1,200 per tonne to restrict possible &#8220;illegal&#8221; shipment of white non-basmati rice in the garb of premium basmati rice The government has reduced the floor price for basmati rice exports to $950 per tonne from $1,200 per tonne amid concerns that higher prices were [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9544,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[176],"tags":[215,160,159],"class_list":["post-9543","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-basmati-rice","tag-rice-export","tag-global-rice-news"],"acf":{"enable_premium_overlay":false},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - 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