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.
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Why realisation is lower for rice exports this fiscal - The Hindu BusinessLine
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Source: APEDA, DGCIS
Further, Kaul said that stalled payments from Iran have started coming and the pace of remittances has been slow. About half of the estimated stalled payments of ₹2,000 crore since 2019, have been realised, so far, he said.
AIREA sees the opening up of markets such as Argentina and Peru as a positive for the Indian rice shipments. “These are new markets in South America that are opening up for our basmati rice. They generally import long grain rice from North America. Some promotion programmes are needed to make a dent into these markets. We need to wait and watch,” Kaul said.