Friday, Apr 19 2024 | Time 11:37 Hrs(IST)
image
Business EconomyPosted at: Sep 21 2017 8:44PM


Basmati rice exports grow by 32 per cent

New Delhi, Sep 21 (UNI) Indian Basmati rice exports have witnessed a rebound in the current fiscal with registering a 32 per cent growth contributed by 25 per cent increase in realisations and 7 per cent increase in volumes.
This comes after a three year consecutive decline in basmati exports till FY 2017 (Rs 21,605 crores).
In the past, despite the volumes holding firm, the exports have been adversely impacted by pressure on realisations (from peak of Rs 77,988/MT in FY2014 to Rs 54,011/MT in FY2017), driven by lower demand in the global market as well as lower paddy prices over the procurement seasons of FY2015 and FY2016.
Commenting on the trend, Mr. Deepak Jotwani, Assistant Vice President, Investment and Credit Rating Agency (ICRA) said “Basmati rice exports in the current fiscal have been encouraging, especially driven by demand from Iran.
The Middle Eastern countries are the biggest importers; and also a source of volatility in demand. Demand from Iran, the second largest importer has been fairly volatile, primarily on account of import bans imposed from time to time.
In Q1FY2018, Iran has been the primary contributor to growth in industry exports – contributing around 40% to the total. However, from August 2017, the has again discontinued importing Basmati rice from India. Resumption of imports by Iran, which is anticipated around the procurement season, would be critical for the overall demand for Basmati rice.
Any delays in the same could dampen the paddy procurement in the upcoming season as well as subdue the exports outlook for H2FY2018 and FY2019. This is especially material in the light of decline in volume sales from other key market - Saudi Arabia (13% of total exports in Q1FY2018 as against 20% in FY2017).”
UNI NAZ SHK 2044
Please log in to get detailed story.
Tags: #Basmati rice exports grow by 32 per cent
More News

Rupee opens record low at 83 55 against USD

19 Apr 2024 | 11:25 AM

Mumbai, Apr 19 (UNI) The rupee on Friday opened at a record low of 83.55, declining three paise amid geographical tension between Israel and Iran and rising demand for the US dollar by bankers and importers, dealers at the Foreign Exchange said.

see more..

USD up ; Euro,Pound down

19 Apr 2024 | 10:08 AM

Mumbai, Apr 19 (UNI) Following were the indicative currency rates and travellers' cheques
buying and selling rates.

see more..

Severe coal crisis: RINL to call for global tenders to procure 1 50L tons coal

18 Apr 2024 | 7:29 PM

Visakhapatnam (Andhra Pradesh), Apr 18 (UNI) In the backdrop of severe Coal crisis due to the ongoing strike at Adani Gangavaram Port Limited (AGPL),Rashtriya Ispat Nigam Limited (RINL) - Visakhapatnam Steel Plant (VSP), has embarked on a relentless mission to secure the crucial raw material of coal, which is essential for its safe and sustained operations.

see more..

Bajaj Auto net profit at Rs 1936 cr in Q4; clocks all-time high revenue in FY24

18 Apr 2024 | 6:46 PM

New Delhi, Apr 18 (UNI) Two wheeler auto major Bajaj Auto on Thursday announced 29 percent jump in its revenue in Q4 (January-March) at 11,485 crore, led by the broad based buoyancy that was sustained on the domestic business and aided by steady exports.

see more..

Entering share market can boost growth of SMEs: Infopark event

18 Apr 2024 | 6:31 PM

Kochi, Apr 18 (UNI) Small and marginal companies in Kerala enjoy immense scope for growth by entering the stock market, experts said at an Infopark-organised event here on Thursday.

see more..
image