India’s basmati exports registered a double-digit growth at Rs 2,690 crore in the first month of the current financial year, which is 11% more than the previous year, according to Agricultural and Processed Food Products Export Development Authority (APEDA).
The significant jump in terms of value was mainly because of better rates offered in the international market. In April this year, basmati commanded an average price of $1,107 per tonne compared to $963 in the same month previous year.
Punjab and Haryana are major contributors of basmati exports. They account for around 60-65% of the total basmati exports from the Country.
According to Punjab-based exporters, the realisation this year seems good and if the trend continues, the exports of basmati in 2018-19 would also reflect a double-digit growth. India exported basmati worth Rs 26,841 crore in 2017-18. Exports, however, declined in terms of volume from 3.9 lakh tonnes in April 2017 to 3.7 lakh tonnes in April this year mainly due to geopolitical reasons. Basmati exports for 2017-18 was 40.52 lakh tonnes as compared to 39.85 lakh tonnes during the corresponding period of the previous year. Exporters say they are waiting for the picture to clear whether President Donald Trump re-imposes US sanctions on Iran or not. Exporters mentioned that Iran is a big market for Indian basmati and they are willing to trade in Euro or any other currency, if the US imposes sanction that would stop payments in dollars.