Indonesia to begin importing rice from India amid ban

 

India is the leading producer and exporter of rice in the international market. In 2022, India accounted for over 45% share of global rice exports. According to the India import export data reports, India has exported over 22 million metric tonnes of rice during the fiscal year 2022-23. 

Experts forecasts the growth of 2.5% in Indian rice production. India's rice production is likely to hit 324 million metric tonnes in the current financial year. India exports different varieties of rice which includes milled rice, semi-milled rice, basmati rice and non basmati rice.

As per the India customs data records, the country's total rice exports hit around 9.6 billion dollars during the fiscal year 2022. In which, the basmati rice exports share was around 3.54 billion dollars and for non basmati rice, it reached 6 billion dollars.

As compared to India's last year rice exports, there was minor decline of Indian rice exports by 540 million dollars while the exprts of non-basmati rice increased by 2 billion dollars. Indian rice has great demand in the global market, these includes African, European and West Asian countries.

Recently, Indian government had put the ban of its exports in order to lower the domestic market prices. This has created the chaos in the global rice market supply as India is the crucial exporter of rice globally.

Few countries like Indonesia, Senegal, and Gambia has filled the request to Indian government for import of rice amid crisis. So, the Indian government has approved the request to export wheat and broken rice to these countries including Indonesia.

Indonesia is also the leading palm oil exporter. And India is the top market for Indonesian palm oil imports. This deal will work both ways. As per the latest Indonesian market trends, Indonesia is likely to import 1 million tonnes of broken rice from India.

According to the India export data, Iran is the leading importer of Indian rice with over 10% share of India's total rice exports in 2022. The total export value for Indian rice was estimated around 1.2 billion dollars.

The second largest rice importer from India was Saudi Arabia with rice imports worth around 989 million dollars. China was another crucial importer of rice from India along with Benin, the United Arab Emirates, Senegal, Ivory Coast, Iraq, Yemen and Nepal.

Whereas per India import data, Indian rice imports worth was estimated around 7 million dollars in FY 2022. The leading rice exporters to India were Bangladesh, Thailand, Spain and Italy.

After India, Thailand is the second largest rice exporting country in the world. As per import export data reports, around 8.2 million metric tonnes of rice was exported from Thailand during FY 2022-23. Vietnam was the third biggest rice exports market with over 6.8 million metric tonnes worth rice exports. Pakistan, Burma, China, the United States, Cambodia, Brazil and Uruguay were other major rice exporting countries after Vietnam.

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