India imposes 20% export duty on non-Basmati parboiled rice
India has imposed a 20% export duty on non-Basmati parboiled rice, according to a notification the Ministry of Finance published Aug. 25.
Sources in the Indian market were unclear on the implementation date of the export duty as the notification, dated Aug. 25, stated, “This notification shall come into force with immediate effect.” However, a second notification, also dated Aug. 25, amended the appendix of a notification issued on Oct. 31, 2022, stating “the rate of duty shall come into force” Oct. 16, 2023, with some exceptions.
Non-Basmati parboiled accounts for the largest share of India’s rice exports, followed by white rice and Basmati rice.
India, the largest exporter of rice in the world, exported 17.8 million mt of non-Basmati rice in 2022-23 (April-March), of which 7.8 million mt was non-Basmati parboiled rice and 6.4 million mt was non-Basmati white rice, according to Ministry of Commerce data.
The move comes after India banned the export of non-Basmati white rice in July. In September 2022, India banned exports of broken rice and imposed an export duty of 20% on non-Basmati white rice.
India has taken various measures to control the rise in domestic rice prices this year. White rice prices were at multi-year highs before it was banned in July.
Parboiled rice prices firmed in August as buyers rushed to secure supplies with a big chunk of the export market closed, but export prices for parboiled rice eased by the end of the month as many exporters expected the government to impose a duty.
Millers also were releasing their rice stocks in the expectation that parboiled rice prices would ease if the government were to impose an export duty.
Platts Indian Parboiled 5% STX was assessed at $455/mt FOB Aug. 25.https://www.hellenicshippingnews.com/india-imposes-20-export-duty-on-non-basmati-parboiled-rice/
Published Date: August 29, 2023