Latest news with #SatishGoyal
Time of India
6 hours ago
- Business
- Time of India
Iran-Israel conflict hits rice exporters: India's basmati exports to Iran stranded at ports; 1,00,000 tonnes stuck
Basmati rice exports: The cargo remains stationed at Gujarat's Kandla and Mundra ports. (AI image) Israel-Iran conflict impact: Approximately 1,00,000 tonnes of basmati rice bound for Iran remain stuck at Indian ports as a consequence of the Israel-Iran hostilities, according to the All India Rice Exporters Association's statement on Monday. After Saudi Arabia, Iran stands as India's second-largest market for basmati rice. During the 2024-25 fiscal year ending in March, India's exports to Iran reached approximately 1 million tonnes of this fragrant grain. The Association's president Satish Goyal confirmed that the stranded basmati rice shipments are around 18-20 per cent of India's total basmati exports to Iran, which is a significant trading partner. The cargo remains stationed at Gujarat's Kandla and Mundra ports, with shipping vessels and insurance coverage unavailable for Iran-destined shipments due to the ongoing Middle East situation, as stated by Goyal to PTI. Also Read | Nightmare scenario: How Iran, hit by US & Israel strikes, may choke world's oil supply via Strait of Hormuz - explained Standard shipping insurance policies typically exclude coverage for international conflicts, which has resulted in exporters being unable to forward their consignments. Goyal indicated that the shipping delays and payment uncertainties might result in significant financial difficulties, noting that domestic basmati rice prices have already seen a reduction of Rs 4-5 per kg. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch CFD với công nghệ và tốc độ tốt hơn IC Markets Đăng ký Undo The trade body maintains communication with APEDA regarding the matter. A discussion concerning the crisis is set with Union Commerce and Industry Minister Piyush Goyal on June 30. In the 2024-25 fiscal period, India's total basmati rice exports amounted to roughly 6 million tonnes, with key demand originating from Middle Eastern and West Asian regions. Additional significant importers include Iraq, the United Arab Emirates and the United States. Also Read | Iran-Israel war & US bombings: Should possible Strait of Hormuz closure worry India about its oil supply? Explained in 10 points Recent weeks have witnessed considerable intensification in the Israel-Iran conflict, with substantial military exchanges between both nations and direct US involvement in the confrontation. Indian rice exporters face additional difficulties due to the shipping disruption, compounding existing challenges such as delayed payments and currency-related complications in Iranian trade, stemming from international sanctions. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Mint
6 hours ago
- Business
- Mint
Indias basmati rice shipments to Iran stuck at ports amid Middle East conflict
New Delhi, Jun 23 (PTI) Around 1,00,000 tonnes of basmati rice destined for Iran are stranded at Indian ports due to the ongoing Israel-Iran conflict, the All India Rice Exporters Association said on Monday. Association president Satish Goyal said around 1,00,000 tonnes of basmati rice meant for Iran is currently stuck at Indian ports, with Iran accounting for 18-20 per cent of India's total basmati rice exports. The shipments are primarily held up at Kandla and Mundra ports in Gujarat, with neither vessels nor insurance available for Iran-bound cargo due to the Middle East conflict, Goyal told PTI. International conflicts are typically not covered under standard shipping insurance policies, leaving exporters unable to dispatch their consignments, he added. The delay in shipments and uncertainty around payments could cause severe financial stress, he said, adding that basmati rice prices in the domestic market have already dropped by ₹ 4-5 per kg. The association is in touch with agri-export promotion body APEDA on the issue. A meeting with Union Commerce and Industry Minister Piyush Goyal is scheduled for June 30 to discuss the crisis, he added. Iran is India's second-largest basmati rice market after Saudi Arabia. India exported around 1 million tonnes of the aromatic grain to Iran during the 2024-25 fiscal year, which ended in March. India exported approximately 6 million tonnes of basmati rice during 2024-25, with demand primarily driven by the Middle East and West Asian markets. Other major buyers include Iraq, the United Arab Emirates and the United States. The Israel-Iran conflict has escalated significantly in recent weeks, with both sides exchanging heavy strikes and the US becoming directly involved in the hostilities. The shipping disruption adds to challenges facing Indian rice exporters, who have previously dealt with payment delays and currency issues in the Iranian market due to international sanctions.
Time of India
7 hours ago
- Business
- Time of India
Middle East conflict stalls 1 lakh tonnes of India's basmati rice exports to Iran
Nearly 1 lakh tonnes of basmati rice shipments bound for Iran have been stranded at Indian ports as the ongoing Israel-Iran conflict disrupts maritime logistics and insurance coverage, according to the All India Rice Exporters Association (AIREA) on Monday. Association president Satish Goyal said consignments amounting to roughly 1,00,000 tonnes, primarily stuck at the Kandla and Mundra ports in Gujarat, cannot be shipped due to a lack of vessels and insurance options for Iran-bound cargo amid escalating tensions in the region. "Iran accounts for 18–20 per cent of India's total basmati rice exports ," Goyal told PTI. With international conflicts not typically covered under standard marine insurance, exporters have been left in limbo, unable to fulfil shipments or secure payments. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Palencia : Qué compañía eléctrica tiene las facturas más baratas? Energía más barata Undo The halt in exports is already rippling into the domestic market. "Prices of basmati rice have dropped by ₹4–₹5 per kg," he said, warning that prolonged disruption could lead to serious financial strain for Indian exporters. The association is currently in discussions with the Agricultural and Processed Food Products Export Development Authority (APEDA) and is scheduled to meet Union Commerce and Industry Minister Piyush Goyal on June 30 to seek intervention and relief measures. Live Events Iran remains India's second-largest market for basmati rice after Saudi Arabia. In the financial year 2024–25, which ended in March, India exported around 1 million tonnes of basmati rice to Iran. India's total basmati exports stood at about 6 million tonnes in 2024–25, with demand largely concentrated in the Middle East and West Asia. Other key buyers include Iraq, the United Arab Emirates, and the United States. With inputs from PTI
India.com
a day ago
- Business
- India.com
Iran-Israel Conflict Impact: Basmati Exporters Warn Of Payment Crisis, Falling Prices
New Delhi: The ongoing conflict between Iran and Israel is starting to take a serious toll on India's basmati rice trade, with exporters on Sunday warning of a looming payment crisis and sharp price drops if the situation does not improve soon. All India Rice Exporters Association President Satish Goyal said that over 1 lakh tonnes of basmati rice meant for Iran is currently stuck at Indian ports. "Iran is a very important market for us. Around 18 to 20 per cent of India's total rice exports go to Iran. Every year, we export nearly 1 million tonnes of basmati rice to them," Goyal told IANS, expressing deep concern over the disruptions. He added that while there hasn't yet been a complete halt in trade, delays in shipments and uncertainty around payments could cause severe financial stress. "If this conflict continues, the local market will start facing a cash crunch. Prices have already dropped by Rs 4 to Rs 5 per kilogram, and if the situation worsens, this decline could deepen," he told IANS. One major challenge exporters are now facing is the lack of insurance coverage during war. "No insurance company covers war-risk for vessels entering conflict zones. That means if something happens during transport, exporters bear the full loss," Goyal noted. He also pointed out that the situation worsened after the United States entered the conflict. "Until last night, we hoped things would calm down, but now it doesn't seem likely. The entry of the US has made the situation even more uncertain," he added. Haryana's Karnal, a key hub for basmati rice exports, accounts for nearly 25 to 30 per cent of India's total export volume in this segment. "Exporters from this region have been trading with Iran for the past 15 to 20 years without facing such disruptions," Goyal said. He added that a meeting with Union Commerce and Industry Minister Piyush Goyal is scheduled for June 24 to discuss the crisis. "We've already had some conversations with the government, and we are hoping for support to navigate this difficult phase," he said.
