Rice exports surge as trade barriers lifted

Rice prices have shown signs of uptrend, after India removed restrictions on exports and opened new business avenue for exporters.

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The removal of trade barrier has helped Indian rice exporters regain competitiveness in the overseas markets.

According to traders, rice prices, both basmati and non-basmati white rice, are lower on a year-on-basis, but they anticipate prices to pick up in the days to come.

Last year same time, basmati rice traded at Rs 3,500 per quintal, which is now at Rs 3,100-3,200, rising from about Rs 2,800-2,900 after the removal of trade barriers in late September.

India is the leading exporter and grower of basmati rice, followed by neighbouring Pakistan.