Basmati rice exports to West Asia poised for rebound after US, Iran sign peace deal
India’s basmati rice exports to West Asia are expected to recover after the US-Iran peace agreement led to the reopening of the Strait of Hormuz. The move is likely to ease shipping disruptions, reduce freight costs, and revive demand from Gulf markets, which account for 60-70% of India’s $6 billion annual basmati rice exports.
India’s basmati rice exports to West Asia are expected to recover in the coming months after the US and Iran signed a peace agreement that includes the reopening of the Strait of Hormuz, which handles a significant share of global energy and cargo shipments.
India’s exports of basmati rice to West Asia had almost come to a standstill due to conflict-related shipping bottlenecks, higher freight costs and delays in contract execution. The Gulf region accounts for 60-70% of India’s basmati rice exports, valued at about $6 billion annually.
“Greater stability in the region is expected to improve trade flows and revive demand from key Gulf markets, providing a much-needed boost to India’s basmati exports in the months ahead,” said Satish Goel, president of the All-India Rice Exporters’ Association.
To Read more about Rice News continue reading Agriinsite.com
Source : Mint
