ENA Sectors 2024-01-09 15:56:23 <p><span style="font-size:14px"><strong>New Delhi, Jan 9 (KNN)</strong> Indian rice exporters are bracing for a challenging 2024, anticipating difficulties due to uncertain policies and high local prices, which hinder the normalisation of rice exports.</span></p> <p><span style="font-size:14px">S&amp;P Global Commodity Insights reports that the government's interventions in 2023, such as banning non-Basmati white rice exports, imposing a 20 per cent duty on parboiled rice exports, and setting a minimum export price of Rs 950/million tonnes for Basmati, continue to impact the market.</span></p> <p><span style="font-size:14px">Despite global repercussions and high prices, restrictions are likely to persist until at least the first half of 2024.</span></p> <p><span style="font-size:14px">The government's decision aims to address domestic price escalation and ensure sufficient supply for the country, with expectations that restrictions will continue until the general election in April-May 2024.</span></p> <p><span style="font-size:14px">The decline in rice production during the 2023-24 kharif season, influenced by El Nino-induced dry conditions, complicates the supply situation.</span></p> <p><span style="font-size:14px">Despite trade curbs, local rice prices remain strong, leading to warnings to retailers.</span></p> <p><span style="font-size:14px">West Africa, a significant consumer of Indian rice, is expected to experience subdued demand due to price sensitivity, impacting non-Basmati parboiled rice exports.</span></p> <p><span style="font-size:14px">Despite challenges, exporters believe Basmati exports will adjust to new realities without significant disruptions. Positive indicators include India's rice stocks in the Food Corporation of India's central pool, standing at 56 million mt as of December 1, providing hope for potential export constraint relaxation.</span></p> <p><span style="font-size:14px">Exporters are optimistic that a slow start to procurement this season will eventually improve paddy availability for exports.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 36209 https://knnindia.co.in/news/newsdetails/sectors/indian-rice-exporters-anticipate-challenges-amid-policy-risks-and-high-prices-in-2024 2024-01-09 15:56:23 knnindia.co.in