Despite sanctions and controls, Indian rice exports remained stable in 2024

22-Jan-2025 08:24 PM

Despite challenges like sanctions, export bans, and price controls, India’s rice export performance remained strong in 2024, with total exports reaching 178 lakh tonnes, just shy of the previous year's figures.

The export of non-basmati rice was banned for most of the year, and Sela rice faced an export duty of 10-20 percent. Additionally, a minimum export price (MAP) of $950 per tonne was imposed on Basmati rice.

However, the increase in Basmati rice exports—up by 16.3%—largely offset the decline in non-basmati rice shipments. Strong demand from countries such as the UAE, Saudi Arabia, and Iraq drove this increase.

After the lifting of export controls in September 2024, Indian rice exports picked up significantly in the last quarter of the year, helping to offset earlier declines.

Looking ahead, the complete removal of restrictions is expected to lead to a robust export performance in 2025, with many traditional importing nations in Asia and Africa confidently securing contracts to purchase rice from India.