India’s Rice Export Boom 2024: Trends, Top Markets, and Trade Challenges

India is one of the largest producers and exporters of rice and has a significant share of the global rice trade. Demand for Indian rice is growing from almost every country around the global and India’s rice exports continue to be on the uptrend. This blog provides a detailed examination of India’s rice trade, with export-import figures, the main products exported, key markets, key companies and global trade issues.

India’s Rice Export

According to global import export data provider, India’s rice exports for the fiscal year 2023-24 reached approximately USD 11 billion, reinforcing its position as the leading rice exporter. The country supplies rice to over 150 nations, with Basmati and Non-Basmati varieties dominating the market.

Top Rice Products Exported from India

India exports various types of rice, including:

1. Basmati Rice (Long-grain aromatic rice)
2. Non-Basmati Rice (White rice, parboiled rice, broken rice)
3. Organic Rice
4. Brown Rice
5. Steamed Rice

Top 5 Countries Importing Indian Rice

India’s rice exports are primarily driven by demand from:

1. Iran (Largest importer of Basmati rice)
2. Iraq
3. Saudi Arabia
4. United Arab Emirates (UAE)
5. United States

Top 5 Buyers and Suppliers in the Rice Trade

Top Buyers of Indian Rice (Importers)

1. Middle Eastern countries (Iran, Saudi Arabia, UAE)
2. African nations (Nigeria, Benin, Senegal)
3. European Union (UK, Germany, Netherlands)
4. USA & Canada
5. Southeast Asia (Nepal, Bangladesh, Malaysia)

Top Rice Suppliers to India (Import Sources)

While India is a net exporter, it imports small quantities of specialty rice from:

1. Thailand (Jasmine rice)
2. Vietnam
3. Pakistan (Limited trade due to geopolitical factors)
4. Italy (Arborio rice)
5. USA (Wild rice)

Top Export/Import Companies in India

Major Rice Exporters in India

1. KRBL Limited (India Gate Basmati)
2. LT Foods (Daawat, Royal)
3. Kohinoor Foods Ltd.
4. Amira Nature Foods
5. Sunarise Group

Major Rice Importers in India

1. Adani Wilmar
2. Agrocorp International
3. Olam India
4. ETG Agro India
5. Cargill India

Global Trade Issues Affecting Rice Trade

1. Export Restrictions – India imposed bans on broken rice and non-Basmati white rice exports to control domestic prices.
2. Geopolitical Tensions – Trade disruptions with Iran due to payment issues.
3. Climate Change – Erratic monsoons affect rice production.
4. Logistical Challenges – Rising freight costs and port delays.
5. Quality Standards – Strict MRL (Maximum Residue Limits) norms in the EU and Gulf countries.

HSN Code for Rice in India

The Harmonized System Nomenclature (HSN) codes for rice are:

• 1006 – Rice (general category)
• 1006 10 – Basmati Rice
• 1006 30 – Non-Basmati Rice (semi-milled or wholly milled)
• 1006 40 – Broken Rice

Conclusion

India remains a dominant player in the global rice trade, with strong demand for its Basmati and Non-Basmati varieties. Risks to trade growth: export restrictions, geopolitical face unknowns Businesses that consume import export trade data and global trade data need to be reading between the lines.

For accurate rice trade statistics, connect with leading import export data provider to gain insights into market dynamics and trade opportunities.

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Q1. How much did India export rice in 2023-24?

According to global trade data, India exported rice worth USD 11 billion in 2023-24, maintaining its position as the world’s top rice exporter.

Q2. Which countries are the biggest importers of Indian rice?

The top 5 importers of Indian rice are:

• Iran (largest Basmati buyer)
• Iraq
• Saudi Arabia
• UAE
• United States

Q3. What are the major challenges in India’s rice trade?

Key challenges include:

• Export bans on broken and non-Basmati rice
• Geopolitical issues (e.g., payment delays with Iran)
• Climate risks affecting production

Strict quality norms in EU and Gulf markets