Rice shipping rates

Indian rice exporters in a fix as transport costs rise, demand from Gulf drops BV Krishna Rao, president of the Rice Exporters Association, a body of non-basmati rice exporters, said India is expected to achieve 12 million tonnes of non-basmati rice exports in FY21. “There is a shortage of rice across the globe and therefore, export demand has gone up,” Rao said.

Rice exports, including basmati and non-basmati, are expected to be around 16 million and 17 million tonnes against 9.48 million tonne in FY20. “We are also hearing that the Philippines might reduce import duty on rice from 50 per cent to 35 per cent. If that happens, then it will open another destination for Indian rice exporters,” Rao added. He expects that in FY22, Indian non-basmati rice exports will surpass 12 million tonnes.

Bangladesh has emerged as one of the leading buyers of non-basmati rice. Indian rice exporters are exporting rice at $400-$420 per tonne when prices at other destinations such as Thailand and Vietnam are ruling at a high of $500 per tonne.

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