NEW DELHI: Basmati rice has regained its position as the top commodity export from India. The famed rice variety replaced meat to become the top most export for the April-June quarter.
Basmati rice had been countries key export commodity for years. But since 2014-15 financial year, Indian meat had surpassed the former, thus becoming the top export commodity.
Iran usually suspends import orders during its harvesting season. As per reports, this year the traders in Iran have continued importing Basmati even during the harvesting season.
As per the Agricultural & Processed Food Products Export Development Authority (Apeda) estimates, the Basmati exports increased from Rs 6,196 crore from last year's April-June quarter to Rs 8168 crore in the same quarter this year.
Another factor behind Basmati grabbing the top spot in exports is the decline in the export of Indian meat. Despite the decline in Indian meat exports, the revenue earned from its exports increased nominally from last year’s Rs 5445 crore to Rs 5473 crore in present year’s April-June quarter.
“Indian exporters used to execute orders on 'documents against acceptance', which was stopped by the Government because overseas buyers re-negotiated terms after shipments reached them. So there were corrections in export of basmati rice over the last few years.
Now overseas buyers are purchasing commodities on spot cash,” said an official from Apeda.