TEHRAN: Basmati rice prices are seen rising in the international market with Iran likely to begin import of the cereal soon. Rice exporters, who are already getting 20% higher price for basmati compared with last year, said Iran could start import as early as next week. “The announcement by Iran is expected soon as the trade was opened by this time last year,” said Vijay Setia, president of All-India Rice Exporters Association (AIREA). “The delay is due to the extended do to the extended domestic rice season in Iran.” India exports about 4 million tonnes of basmati rice every year to more than 100 countries, of which Saudi Arabia, Iran, the UAE, Kuwait, the US and the UK are the main buyers.
The revival in price of basmati in the international market follows a lean cropping season in India. Farmers had shrunk the area under basmati due to a fall in the domestic price of the commodity.
