India exported $656 Mn worth of basmati rice in Jan 2024

 

India is the world’s leading rice exporter. The global supply chain is highly dependent on India’s rice exports. That is the reason why the global market was highly affected by India's rice ban recently. In January, India began its rice exports on a positive note. According to India import export data, around $969 million worth during January 2024. 

Whereas, in 2022, India’s rice exports were $1.2 billion. Although, the slight decrease in India's exports declined due to restrictions imposed by the Indian government. Whereas, in 2023, India exported nearly 16.5 million tons of rice. The overall rice exports by India was estimated to be $9.4 billion during last year. 

As per India export data reports, India’s basmati rice exports hit a record $656 million in January 2024. Saudi Arabia, Iraq and Iran were the top 3 basmati rice importing countries from India responsible for 26%, 20% and 10% market share respectively. Saudi Arabia imported nearly $176 million worth of rice from India in January.

There was a notable amount of Indian basmati rice imports from Yemen, United Arab Emirates, Algeria and the United States. Supple Tek Industries was the leading basmati rice export company from India responsible for $42 million worth of basmati rice shipments with 6.5% share respectively.  

Whereas, Bamo Company from Iraq, Bait Aldawoody Company from Iraq and Sulaiman Abdulaziz Alrajhi Sons from Saudi Arabia were among the prominent basmati rice importers from India in January 2024. Basmati rice was the most exported commodity while semi milled, husk rice exports were estimated to be $267 million in January 2024. 

India customs data reflects Saudi Arabia as the top importer of Indian rice with worth around $190 million. Iraq, Iran and the United Arab Emirates were among the major destinations for India's rice exports. India's rice exports saw great demand from Benin, Yemen, Guinea, Algeria and Vietnam. 

Supple Tek and Satyam Balajee Rice were the top rice export companies from India with the highest amount of shipments last year. On the other hand, India import data revealed that India's basmati rice imports were merely $1 million in January 2024. Most of India's rice imports came from Thailand which had 15% market share. 

Also, there were few rice import shipments from Singapore, Italy, Vietnam and Bulgaria. Daawat Foods and KLM Overseas were the biggest rice importers from India. Whereas, Riceland International from Thailand was the leading rice supplier to India during last month. India produces a sufficient amount of rice and its exports might further increase in this year.

International rice importers and exporters can minimize the financial risk involved in the agricultural sector by opting for the trade intelligence offered by the global import export data provider. Companies can use the latest trade statistics to identify market demand, risk, price planning, procurement, sourcing procedures and export-import opportunities. 

These will help companies make accurate business decisions and increase company’s business. Global trade data can fix the issues of finding genuine buyers for their products as it gives real time access to the shipment reports of potential clients.