Indian Basmati Hopes Fade Over Fixed Import Price
Indian Basmati Hopes Fade Over Fixed Import Price

Indian Basmati Hopes Fade Over Fixed Import Price

Indian Basmati Hopes Fade Over Fixed Import Price

Basmati exports market of India was expecting a good time this year, as Iran had decided to resume rice imports from the country. 
But the higher price of Basmati rice made the situation hard, as Iran has fixed its import price at $850 per ton, Indian news portal Commodity Online reported.
Iran is one of the major importers of Indian Basmati rice, but at present the import price fixed by Iran is not viable for Indian suppliers due to higher freight costs. Indian exporters have to fix the price at least $900 per ton for the trade to be economical, which has made the hopes of Indian exporters fade.
Iran is one of the largest buyers of Basmati rice in the world. It is now estimated that India’s Basmati export earnings for the current financial year will be almost the same as last year, according to the director of Basmati Export Development Foundation.
Iran annually imports about 1 million tons of rice to supplement its domestic production of about 2 million tons and Iran imports about 0.7 million tons of Basmati rice from India. 
India’s Basmati exports from April-December 2016 were 2.92 million tons, compared to 3.06 million tons in 2015-16 in the same period.
After touching a record export value of $4.88 billion in 2013-14, basmati export earnings were on a downtrend over the past three years in India on a decline in prices and lower purchases by Iran.
A 20-member Indian trade delegation visited Iran from January 28-30 to promote the export of rice. 
According to Indian newspaper Business Standard, about 250 people participated in the sales promotion event held at Tehran’s Hotel Espinas. The deliberations helped dispel the negative image in Iran about possible health risks associated with the consumption of Indian rice. 
The Iranian government has recently amended tariffs for importing rice by reducing it from the previous 40% to 26%. It was announced on January 21 that the rate would stand at 5%, following a series of tariff cuts on a list of agro-food products.
There is an all-out ban on rice imports during harvest seasons in Iran. This year the measure was in place from July 21 to November 21.

Short URL : https://goo.gl/XgRACs
  1. https://goo.gl/F5FiHb
  • https://goo.gl/CWzqer
  • https://goo.gl/KPa3ra
  • https://goo.gl/oAbuEB
  • https://goo.gl/K3ZyYq

You can also read ...

Google spent more than half a billion dollars last year to establish smart home company Nest in sectors like security cameras, alarm systems and video doorbells.
Google parent company Alphabet reported first quarter earnings...
Russia Signs EAEU-Iran FTZ Agreement
Russian Prime Minister Dmitry Medvedev signed an interim...
Ransomware Attack Hit Ukraine Energy Ministry Website
The website of Ukraine’s energy and coal ministry website has...
Hand-Woven Carpet Exports at $424m Last Year
Some 5,400 tons of hand-woven Persian carpets worth $424...
Modern Irrigation Systems  Installed Over 180,400 ha Last Year
More than 180,400 hectares of farmland were equipped with...
Labor Ministry Reports Provincial Share of GDP
The Ministry of Cooperatives, Labor and Social Welfare’s...
S. African Delegation to Visit Semnan
A South African business delegation of economic players in the...
Non-Oil Trade With Italy  Up 9.6%
Iran traded $1.85 billion worth of non-oil goods with Italy in...

Add new comment

Read our comment policy before posting your viewpoints