Panic buying in West Asian market aiding rice, food item exports
Rice and food exporters report rising shipments to West Asia as panic buying boosts demand despite higher freight and insurance costs linked to regional tensions. Exporters say households are stockpiling food, pushing prices up and increasing export volumes from India.
A section of rice and food product exporters have reported growing volumes to West Asian countries due to panic buying despite the double freight and triple rise in insurance cost which has led to price increase in those markets.
“Whenever such geopolitical issue had triggered, we had seen actually demand for food going up. In such situations people take double the quantity to store in their houses. So generally demand goes up and this has happened in this case also,” said Rahul Suri, Director, Amir Chand Jagdish Kumar (Exports) Ltd, a Super Star Trading house dealing with rice exports.
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Source : The Hindu
