59313
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 ...

Central Bank of Iran Against Market Intervention
Central Bank of Iran's Governor Abdolnasser Hemmati said the...
VDMA Backs Iran Trade
Germany’s plastics and rubber machinery trade association,...
New Forex Initiative Unable to Tip Scales
The new forex initiative has only managed to fix major policy...
Musk Bid for Tesla Still Murky
Tesla Inc’s board named a special committee of three directors...
Tehran Shows 4th Biggest Upturn in Economist’s Livability Index
Tehran is one of the top five cities in the world to have...
Equity-Based Sukuk Return to Iran Capital Market
The government is set to clear part of its debt to Social...
S. Korea Bans Recalled BMWs Over Fire Fears
The South Korean government has said it will ban about 20,000...
Over €81m Worth of Airport Equipment Purchased  Post JCPOA
Iran Airports & Air Navigation Company, an arm of the...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus