Indian Rice Trade UpdateListing few important facts in respect to Indian Rice Trade for your kind reference.
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India’s basmati rice exports are likely to remain lower, at least for the current financial year, after a robust growth reported in the first four months between April and July 2018.
• Exporters have witnessed nearly Rs 5 billion worth of payment defaults, primarily in countries like Iran.
• Leading Iranian rice importer Mohsin, which has recently defaulted on payments to the tune of over Rs 1,000 crore (Approx $140 million) to several Indian rice exporters, is understood to have filed for bankruptcy in Iran, putting a big question mark over chances of recovery of the payments, according to trade and industry sources in India.
• Meanwhile, tightening of pesticide residue parameters by the European Union (EU) has resulted in a considerable decline in exports to this region (58 per cent in volume and 40 per cent in value over the January-to-July period).
• Trade sources expect India to gradually lose the entire European Union market of nearly 400,000 tonnes.
• The decline in exports to the EU was compensated by strong buying by Iran, even though domestic basmati rice exporters have recently faced payment issues from some Iranian importers. Also, the imposition of trade sanctions by the US on Iran, which will take full effect in November 2018, may hamper trade between India and Iran.
• Meanwhile, the Ahmedabad-based Adani Wilmar, a leading player in the agri-processed foods and edible oil sector, has reportedly acquired the Mohsin brand from the Iranian company. Though the company has fallen on bad days, its brand is billed as one of the leading food brands in Iran.
• One of the Indian rice exporting firms which is the victim of payment default by Iranian importers, recently approached the Delhi High Court, which, in turn, has directed the nodal Government authority – the Agricultural and Processed Food Products Export Development (APEDA) to pursue the matter at Government level.
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