India's October rice exports drop 42% YoY on weak demand.
India's rice exports in October fell 42% year-on-year to 485,898 tonnes, due to weak demand from African countries for non-basmati rice. Smaller shipments from India could help rivals such as Thailand, Vietnam and Myanmar to increase their exports, according to Indian exporters. Export demand is very subdued. New Delhi mainly exports non-basmati rice to Bangladesh, Nepal, Benin and Senegal, and premier basmati rice to Iran, Saudi Arabia and Iraq.
India is the world's biggest rice exporter but its shipments have plunged 28% in the first seven months of the 2019/20 financial year, which started April 1, to 4.85 million tonnes. Indian rice has been losing competitiveness in the world market due to higher local prices. The government needs to provide subsidies for the overseas sales or exports would remain weak.
Download Fasal Salah
now