High ocean freight may lead to slow start in rice exports
April 08, 2021
Ocean freight rates have moved up by 50-60 per cent for both container and break bulk cargo - Getty Images/iStockphoto
Ocean freight rates have moved up by 50-60 per cent for both container and break bulk cargo - Getty Images/iStockphoto×
Buyers turn cautious as Indian rupee also weakens After record exports of around 12 million tonnes (mt) of non-basmati rice during 2020-21, exporters are confident of sustaining the trend this fiscal. However, they see a slower start to the shipments in current fiscal as buyers have turnedcautious over the sharp increase in freight rates.
Rice exports up 80.37% to 11.58 million tonne in April-December
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The total value of the rice exports including basmati and non basmati rice increased by 44% to Rs 44,894 crore compared with Rs 31,194 crore in the corresponding period last fiscal, said Vinod Kaul, executive director, All India Rice Exporters Association.
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Looking at the current exports, rice exports can easily touch 15 million tonne with basmati rice at 5 million tonnes and non-basmati rice exports to cross 10 million tonne , said Kaul.
New Delhi: India’s rice exports jumped to 80.37% year-on-year in the April-December period to 11.58 million tonnes, with major demand coming from Africa, Middle East, the USA and European Union, industry bodies said.
When the then finance minister Morarji Desai rose to present the Union budget on the evening of February 28, 1963, he clarified that he would speak more on the challenges on the border rather than dwell on economic trends. Small wonder then that he earmarked Rs 708.5 crore out of an estimated expenditure of Rs 1,852 crore a staggering 38% for the defence sector.
He also decided to do away with the traditional practice of identifying expenditure for the army, navy and the air force under separate heads, citing national security concerns. He then profusely expressed his gratitude to the US and Britain for rushing to India’s assistance with military equipment and supply during the India-China conflict of 1962.
Synopsis
This will pave the way for Indian rice exporters, particularly from West Bengal, to export non-basmati rice to the country and fetch better prices for the grain.
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Bangladesh is expected to import about 500,000 tonnes of non-basmati rice in this financial year, said Vinod Kaul, executive director, All India Rice Exporters Association.
Kolkata: The New Year is all set to bring in good news for India’s rice exporters as Bangladesh has reduced import duty on rice to 25% from 62.5%. This will pave the way for Indian rice exporters, particularly from West Bengal, to export non-basmati rice to the country and fetch better prices for the grain.