Rice Export
Cabinet approves export of 1 mln tn non-basmati white rice to Indonesia
This story was originally published at 09:18 IST on 2 January 2025
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MUMBAI – The Cabinet on Wednesday cleared a plan to export 1 million tonnes of non-basmati white rice to Indonesia through National Cooperative Export Ltd., the Ministry of Agriculture and Farmers Welfare said in a release. Union Agriculture Minister Shivraj Chouhan said that an agreement will be signed between National Cooperative Export and the Indonesian government's agency Bulog.
Chouhan said the agreement will help address the trade imbalance and strengthen India-Indonesia trade relations. The export of 1 million tonnes of non-basmati white rice annually to Indonesia is based on domestic production and international prices. The agreement's duration will be four years and will be automatically extended for an additional four years.
National Cooperative Export will purchase non-basmati white rice from the open market and sell it to Bulog under a price formula. However, there would be no exports from the government-owned buffer stock. National Cooperative Export is a cooperative society established under the Multi-State Cooperative Societies Act, 2002.
After falling over 10%, rice prices in the international market started rising in mid-November. In September, the government lifted the ban on non-basmati white rice, which resulted in competing exporters, such as Thailand and Pakistan, lowering their prices by 10-15%. Global rice prices have risen $10 per tonne since Nov. 15 because of increased demand from the Philippines and far eastern countries. End
Reported by Sandeep Sinha
Edited by Namrata Rao
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