BASMATI RICE EXPORTERS IN A FIX OVER FALLING

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BASMATI RICE EXPORTERS IN A FIX OVER FALLING
PRICES
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Exporters of Basmati rice

• Exporters of Basmati rice are concerned at the
  sudden falling prices of their products in the
  wake of supply excess. According to the
  Agricultural and Processed Food Products Export
  Development Authority, there is a decline in
  export of basmati rice. Gurnam Arora who is the
  joint managing director of Kohinoor Foods
  revealed that Iran has bought a lesser quantity
  of basmati rice in the past eighteen months,
  mainly for political reasons.

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Export of Basmati rice

• In 2014-15, Saudi Arabia became the largest
  destination for export of basmati rice from India
  and its market did well. The Director General of
  Federation of Indian Export Organizations, Ajai
  Sahai, said that the Iranian government takes a
  decision on rice import founded on the actual
  paddy crop. As the usual harvesting season is
  September, Sahai said that any decision regarding
  bilateral import of rice will be taken around
  that time.

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Global Market

• This means that exporters of basmati rice had to
  wait some months for any agreement on purchase to
  get signed with India.
• Another reason behind the falling prices of
  basmati rice is the emergence of some rivals in
  the global market. That lowered the demand of
  basmati rice from perennial importers of India.
  In addition, importing nations are still using
  basmati rice imported earlier so that they do not
  need new quantities for now.

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