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Red sea conflict may make basmati rice exports costlier

Synopsis

Moreover, overall exports face a shortfall of about $4-5 billion this year after India curbed exports of wheat, rice and sugar amid rising prices though the growth in exports of other farm commodities will offset the export deficit.

New Delhi: India’s exports of basmati rice to Egypt and European countries may get hit if the conflict in the Red Sea doesn’t abate and the country may have to take a longer route around Africa to ship the commodity which can raise costs by 15-20%, an official said Thursday.

Moreover, overall exports face a shortfall of about $4-5 billion this year after India curbed exports of wheat, rice and sugar amid rising prices though the growth in exports of other farm commodities will offset the export deficit. India’s agriculture exports in FY24 are expected to reach last year’s level of $53 billion despite these restrictions.

“We expect that we would reach that level in spite of $4.5-5 billion impact due to the restrictions,” said Rajesh Agrawal, additional secretary, department of commerce. Basmati rice exports from India have grown by 20% year-on-year in the period between April 1- December 8, 2023.

https://economictimes.indiatimes.com/news/economy/foreign-trade/red-sea-conflict-may-make-basmati-rice-exports-costlier/articleshow/106191103.cms QR Code

Published Date: December 22, 2023

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