The recent removal of the minimum export price (MEP) by the Pakistan government has given basmati exporters Pakistan an edge over their Indian counterparts.
MEP for Indian basmati is currently $1,200 PMT, while Pakistan is offering a much lower rate of $700-900 PMT for its equivalent variety. As a result, several importing countries like Iran and Saudi Arabia have lowered the price they are willing to pay for Indian basmati to $1050 PMT.
According to estimates by the Agricultural & Processed Food Export Development Authority (APEDA), in 2007-08 crop year ending September, India produced over 96 million MT of rice. It exported close to 1.2 million MT of basmati and 3.2 million MT of non-basmati rice.
India is the largest exporter of basmati rice and its domestic production is close to 3% of the total rice production.
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