India's Basmati Boost: How Export Curbs Shaped 2024 Rice Sales

India's rice exports in 2024 remained stable despite export restrictions. A significant surge in basmati rice shipments compensated for the decline in non-basmati exports. While export restrictions initially limited sales, the lifting of curbs and strong demand boosted exports in the latter half of the year.

India's rice exports maintained their levels in 2024 despite New Delhi's imposition of export curbs. Sources from both the government and industry highlighted that a surge in premium basmati rice shipments effectively balanced out the decrease in overseas sales of non-basmati rice.

The steady supply from the world's leading rice exporter is expected to alleviate global rice prices and assist New Delhi in managing its burgeoning stockpiles, attributed to a bumper crop. A government official noted that exports recovered in the December quarter as export restrictions were lifted, mitigating the shortfall from the year's first half.

In late 2024, India reversed almost all export restrictions on non-basmati and basmati rice imposed in mid-2023. The country's rice exports reached 17.8 million metric tons, a slight decrease from 17.86 million tons the previous year. Remarkably, basmati rice exports rose by 16.3% to a record 5.7 million tons, with notable increases from Saudi Arabia, Iraq, and the UAE, while non-basmati exports decreased, as high prices discouraged some buyers.

(With inputs from agencies.)