Basmati rice. Getty Images Image used for illustrative purpose.

Of the other four lucrative markets, three are in the Middle East, namely, Saudi Arabia, Iran and Iraq

NEW DELHI: The UAE was among the top five global markets for Indian basmati rice in the first nine months of the current financial year, the Indian government’s Agricultural and Processed Food Products Export Development Authority (APEDA) announced yesterday.

Of the other four lucrative markets, three are in the Middle East, namely, Saudi Arabia, Iran and Iraq. The fourth big market for this fine variety of rice is the US.

India’s fiscal year begins on 1st April. So, the period covered is from the beginning of April to the end of December 2023, for which official statistics are available.

During this nine-month period, the total worldwide exports of Indian basmati rice rose by 19 percent. In value terms, it rose to $3.97 billion from $3.33 billion during the corresponding three quarters of the previous year.

In volume, the exports went up by 11 percent, from 3.198 million metric tonnes to 3.543 million metric tonnes within the same timeframe.

“This robust performance underscores the enduring popularity and global demand for basmati rice, further solidifying its position as a major agricultural product in India’s export portfolio,” APEDA said.

India’s total agricultural exports in the fiscal year 2022-23, were worth $53.1 billion, APEDA said on the occasion of its 38th Foundation Day on 13th February.

Published Date: February 20, 2024