According to preliminary official trade statistics, rice exports in September 2012 were estimated at 676,000 tons, taking MY (market year) 2011/12 rice exports to a record 10.4 million tons.
While Indian rice continues to be price competitive vis-à-vis other origins, export shipments during October and November have been adversely affected by congestion at the Port of Kakinada and Cyclone Nilam.
Indian non-basmati rice of various grades is currently being contracted for exports at prices ranging from $340 to $420 per ton FOB.
Rice export shipments are likely to improve in December, which would take India’s CY 2012 rice exports to 10.0 million tons.
