India's basmati export takes another hit after Trump tariffs as Israel-Iran war intensifies
CHANDIGARH: Already grappling with US President Donald Trump's 26 per cent tariff, the ongoing Israel-Iran war has triggered a fresh crisis in the Indian basmati rice export market. Indian basmati exporters find themselves caught in a web of woes, with stuck consignments, delayed payments, plummeting prices, and fears of a domestic glut.
Iran is the second-highest importer of Indian basmati after Saudi Arabia, with the sela (parboiled) variety particularly cherished in Iranian kitchens.
In the 2023–24 fiscal year, a total of 59.42 lakh metric tonnes (LMT) of basmati rice was exported from the country. Of these exports, basmati rice was mainly sent to five countries: 7 LMT to Iran, 11 LMT to Saudi Arabia, 8 LMT to Iraq, 3 LMT to Yemen, and 3 LMT to the US, with the remainder going to other countries.
This development is likely to severely affect Punjab, the highest producer of basmati rice in the country, accounting for 40 per cent of production, followed by Haryana and other states.
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