Pay now, adjust later: Rice exporters cook up ways to skirt basmati curbs
Basmati rice exporters in India are in negotiations with global buyers to secure prices above $1,200 per tonne for new orders. The exporters plan to adjust the prices against future orders once the temporary halt on basmati rice exports is lifted. The Indian government implemented the halt to prevent the illegal shipment of white non-basmati rice disguised as premium basmati rice. Exporters are resorting to overbilling to maintain their market share against competitors like Pakistan. Gulf nations are major buyers of Indian basmati rice.
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