Rice exports expected to increase in FY22-23 witness a strong growth

India’s rice exports would continue to see strong growth in this fiscal year(2022-23) after a record shipment of about 20 million tonne (MT) of grain worth more than $ 9.6 billion in past fiscal year(2021-22). The expectation of a ‘usual’ monsoon rains this year is expected to give a improve to rice production which is mainly a Kharif crop. More than 80% of India’s rice production is grown in the Kharif season.

The Food Corporation of India (FCI) as of April 1, 2022, had rice stock of more than 32 million tonne (MT) against the barrier norm of 13.58 MT. However, this stock except 22 MT of rice yet to be received from the millers by FCI. “We have more than sufficient rice stocks to meet supplies for the Public Distribution System,” an official said.

India exports long grain Basmati rice to Saudi Arabia, Iran and other middle east countries except United States and European Union. In the case of non-basmati rice shipment, Benin is one of the major importers of non-basmati rice from India.

The push on increasing port handling infrastructure, developing of value chain involving key contributors along with efforts to explore new opportunities in countries or markets for rice exports in the last two years have led to a huge raise in rice exports, said, M. Angamuthu, chairman of Agricultural and Processed Food Products Export Development Authority (APEDA).

After China, India is the second-largest rice producer in the world. The record exports would allow the rice producers to reduce their stocks and would also benefit to the farmers as the increased demand for Indian Rice is likely to improve their recognition.

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