Page 9 - Minimum Export Price News Today

Since Haryana is the biggest producer of basmati rice with a total share of around 42 percent in its exports, the decision is likely to have an adverse impact on farmers and traders of the state

High Minimum Export Price has led to Indian exporters returning empty-handed from two recent international food fairs as international buyers turned to Pakistan.

The current MEP stands at USD 1,200 per tonne, but concerns voiced by food product importers and the domestic rice industry have prompted officials to seriously consider slashing it to USD 850 per tonne, , basmati rice, piyush goyal

Industry has stated that due to the USD 1,200 per tonne MEP, Indian exporters lose their hard-earned buyer base to Pakistan, which is a competitor of India in this segment. In August, the government decided not to allow exports of basmati rice below USD 1,200 per tonne to restrict possible "illegal" shipment of white non-basmati rice in the garb of premium basmati rice.

As a direct consequence of the export restraints, global rice prices were up 35% year-on-year as of 29 September

Last month, New Delhi fixed the minimum export price at $1,200 per metric ton

Trade sources revealed that Commerce Minister Piyush Goyal held a virtual meeting with basmati exporters, during which industry representatives emphas

India will lower the basmati floor price to $850 a metric ton, down from $1,200 a ton, to help millers and traders ship out the rice grade, said the sources.

Trade sources revealed that Commerce Minister Piyush Goyal held a virtual meeting with basmati exporters, during which industry representatives emphasized the need to lower the MEP to $850 per tonne.

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