India maintains basmati rice floor price as grain-export curbs continue

India maintains basmati rice floor price as grain-export curbs continue

GRAINS

Reuters

Reuters

Reuters

India imposed a $1,200 per ton minimum export price (MEP) on basmati rice shipments in August to calm local prices ahead of key state elections

Mayank Bhardwaj, Reuters News

October 14, 2023

PHOTO

NEW DELHI – India said on Saturday it will maintain the floor price for basmati rice exports until further notice, according to a government order, as the world’s biggest exporter continues to curb overseas shipments of the grain.

India imposed a $1,200 per ton minimum export price (MEP) on basmati rice shipments in August to calm local prices ahead of key state elections.

A government order on Saturday said it would maintain the MEP, initially in place until Sunday, until further notice.

The South Asian country in July banned exports of non-basmati white rice and on Friday imposed a 20% duty on exports of parboiled rice.

The MEP aims to help authorities ensure that non-basmati rice is not exported as basmati rice.

(Reporting by Mayank Bhardwaj; Editing by William Mallard)

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