India's rice exports may rise 8.5% to 11 mn tonnes this year

Rice exports by India, the world's top exporter, are likely to increase by 8.5 per cent to 11 million tonnes this year on expected higher shipments of basmati rice, says a latest report.
Total rice shipments had declined by 7 per cent to 10.14 million tonnes in 2013-14 marketing year (October-September) but the country still maintained its status as top exporter in the global market, it said.
"We expect that India is likely to export around 10.5-11 million tonnes of rice in 2014-15 in which basmati contribution is expected to contribute around 4-4.5 million tonnes," said the latest report released by farm research and consulting body Agriwatch.

Despite expected lower domestic production of rice in view of poor rains, overall sale of rice in the international market is expected to improve with the contribution of basmati rice continue to grow by 5-6 per cent this year, it said.
"Surplus domestic stocks, higher global demand anticipated from African and Middle East countries and competitive prices may push rice exports from India," Agriwatch CEO V N Saroja said.
As per the report, lower than normal rainfall under El-Nino impact may reduce rice production to 97 million tonnes in 2014-15 from 106.29 million tonnes last year.

The Hudhud-cyclonic storm has destroyed the paddy field in major rice grown area in Andhra Pradesh, Odisha, West Bengal and Chhattisgarh, it said.

Consequently, domestic rice prices, which are currently ruling at Rs 2,900-2,920 per quintal, are expected to move in a range-bound manner with firm bias in coming week due to major crop loss in many rice growing states, it added.
Presently, harvesting of kharif (summer) rice is underway and harvesting of basmati paddy variety 1509 is picking up in Punjab and Haryana.