Financial Daily from THE HINDU group of publications
Tuesday, Nov 19, 2002
Financial Daily from THE HINDU group of publications Tuesday, Nov 19, 2002 |
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Agri-Biz & Commodities
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Foodgrains Industry & Economy - Exports & Imports Non-basmati varieties may take a beating Ch. Prashanth Reddy
HYDERABAD, Nov. 18 THE country's non-basmati rice exports are expected to decline from one million tonnes last quarter to 5 lakh tonnes this quarter on account of various domestic and international factors. On the international front, Philippines has already covered its annual rice requirement by purchasing 8 lakh tonnes from India and a total of 1.5 mt from across the world. In South Africa, it is the harvesting period for various crops and hence the country is unlikely to import rice during this time. Indonesia, on the other hand, is planning to increase the import duty on rice from January, next year. As a result, rice shipments to that country are expected to decline from December onwards. Besides, according to Mr Rajanikant Rai, Vice-President- Exports, ITC International Business Division, adequate railway rakes are not available at present for transportation of rice. A large number of rakes have been allotted to the defence sector for the withdrawal of equipment and troops from the border. The availability of rakes has declined by 50 per cent and this has impacted the business. Mr Rai told Business Line that there was a talk about the Government intending to increase the price of the rice for export by $10 per tonne which would be "very competitive" in the international market. At present, the subsidised price at which exporters are procuring rice from the Food Corporation of India, is on par with the international price. So a $10 increase in the price could affect exports. Nevertheless, Mr Rai is hopeful that rice exports would pick-up during January-February, next year. The total non-basmati rice exports are expected in the range of around 5 mt during the current fiscal. Of this, about 3.5 mt has been exported till October, this year.
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