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Basmati exports may lose steam on Iran’s duty hike

Date 01-August-2014
Subject Basmati exports may lose steam on Iran’s duty hike

Bangalore : Basmati shipments are likely to see a slowdown in the near-term as Iran, the largest buyer of the Indian aromatic rice, has hiked the import duty to around 40 per cent from 22 per cent. Iran accounted for over a third of India’s basmati exports in value and about 40 per cent in quantity last year. “There will definitely be an impact on our exports.

We expect our shipments to come down by around 30-40 per cent to Iran this year,” said MP Jindal, President of All-India Rice Exporters Association. “We were expecting this duty hike. It may be a temporary measure and they may revert to the earlier levels by September-October,” an industry source said.

Source : dailyshippingtimes.com

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