India Rice Exports October 2024 Hit Record $1 Billion Milestone

India’s rice exports reached an impressive milestone in October 2024, crossing the $1 billion mark for the first time this year. The surge followed a series of impactful policy measures taken by the government to stimulate rice shipments, solidifying India’s position as a dominant player in the global rice market.

India’s Export Boom: A Closer Look at October 2024 Figures

Data released by the Ministry of Commerce & Industry revealed that Bharat’s rice exports in October were valued at $1,050.93 million, marking an 85.79% increase from $565.65 million in October 2023. Compared to September 2024’s $694.35 million, this October saw a steep rise, signifying the effectiveness of recent reforms.

This remarkable growth is not just a reflection of Bharat’s agricultural strength but also of the government’s proactive approach to trade policies.

What Fueled the Surge in India Rice Exports October 2024?

Bharat’s rice export performance saw a significant uptick due to key measures aimed at easing restrictions:

1. Lifted Ban on Non-Basmati White Rice
   On September 28, the government removed the ban on Non-Basmati White Rice exports.
2. Revised Export Duties and Minimum Export Price (MEP)
   • The export duty on Non-Basmati White Rice was slashed to zero by October 22, following a reduction to 10% in September.
   • The MEP of $490 per tonne, introduced earlier, was completely removed on October 23.
3. Adjustments in Other Rice Categories
   Export duties on other categories, such as parboiled and husked rice, were halved to 10% and subsequently eliminated, enabling more competitive pricing in the global market.

These measures, combined with Bharat’s record-high Kharif rice production of 119.93 million tonnes, created an ideal environment for export growth.

Global Perspective: India’s Standing in Rice Exports

India continues to lead the global rice market as the largest exporter. According to the United States Department of Agriculture (USDA), India accounted for 33% (17 million tonnes) of the world’s total rice exports (53 million tonnes) in 2023.

With competitors like Thailand and Vietnam in the race, India’s policy reforms are crucial in maintaining its edge. The eased restrictions have enabled exporters to reclaim their share in international markets, where demand for quality rice remains high.

Category-Wise Insights: Basmati and Non-Basmati Exports

India’s rice exports are broadly divided into basmati and non-basmati categories:

• Basmati Rice: Known for its aroma and long grains, it constitutes about one-third of total exports.
• Non-Basmati Rice: Includes subcategories such as husked, parboiled, and broken rice, which saw remarkable growth due to the lifted restrictions.

In FY 2023-24, India exported 52.42 lakh tonnes of basmati rice and 111.16 lakh tonnes of non-basmati rice, showcasing the significance of both categories in driving export revenues.

Outlook for India Rice Exports October 2024 and Beyond

The October milestone is a testament to Bharat’s robust rice production capabilities and the government’s agility in adapting trade policies to global demands. With the current trajectory, India’s overall rice exports during the 2024-25 fiscal year are poised to break new records.

This success highlights Bharat’s pivotal role in ensuring global food security and underscores the importance of continued policy innovation to maintain its leadership in rice exports.

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