India's rice exports may dip by 18-20% in FY20

Mumbai: India's rice exports is expected to witness around 20 per cent decline this fiscal, due to heightened geopolitical tensions in the Middle East and tighter trade norms, a report said on Thursday.

According to a report by the US-based trade finance company Drip Capital, export of rice has witnessed a significant decline across the world owing to heightened geopolitical tensions in the Middle East -- one of the biggest export market. Following this, India's rice exports is likely to go down by 18-20 per cent in 2019-20, the report said.

"Exports so far are looking bleak with Iran, the biggest export market, seeing a 22 per cent fall in shipments. Other export markets like the UAE (33 per cent), Nepal (23 per cent), Yemen (2 per cent), Senegal (90 per cent) and Bangladesh (94 per cent) have also seen a fall in rice shipments from India," Drip Capital co-founder and co-CEO Pushkar Mukewar said.

On the other hand, exports to certain nations defied the broader trend and registered an increase.