NEW DELHI (Commodity Online): India, world's largest producer of aromatic, premier variety basmati rice, is planning to expand its market by exporting to two more countries and increasing shipments to existing country, said APFPEDA official on Friday.
State run Agricultural and Processed Food Products Export Development Authority (APFPEDA) said that Mexico has contracted for the basmati rice and China is expected to open a market for premium rice soon.
The country's basmati exports are expected to touch a record of 2.7 million metric tonnes in the current fiscal that ends on March 31. When compared to last year, the production of basmati rice registered modest growth rate this year due to many farmers shifted to premium rice because of poor monsoon rains as the basmati rice consumes less water.
Basmati rice exports are likely to rise in the next fiscal with new markets and the increasing global demand for the premium rice, said APFPEDA.
Existing buyers are aiming to raise their purchases. The South Asian nation is also aiming to push sales in relatively new markets such as Japan, Australia, Europe and the U.S. Currently, the United Arab Emirates, Saudi Arabia, Iran and the U.K. are the top four buyers of the premium rice from India.
The country's basmati production is estimated to rise to around 4.5 million tons in the current fiscal year from about 3.0 million tons a year earlier.