2023-11-16T08:03:34+00:00
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/ Traders said on Thursday that India exported 4 million tons of premium long-grain rice to Iraq and other countries.
CNBC reported, “India has signed contracts to export about 500,000 tons of the new season’s crop of basmati rice, to benefit from strong demand from major buyers in Europe and the Middle East.”
“Imposing a ban on non-basmati white rice exports in June to stabilize domestic prices, India has set a minimum export price of $1,200 per tonne for foreign sales of basmati rice in August,” it added.
According to the network, “Because the lower price hindered exports of the premium variety and burdened farmers with large stocks of the new season’s crop, the government last month reduced the minimum price for basmati rice exports to $950 per ton.”
She pointed out that “Iran, Iraq, Yemen, Saudi Arabia, the UAE, the United States and other countries import approximately more than four million tons of basmati rice annually.”