Exports of India’s premium basmati rice dropped by up to half this month from a year ago as freight rates doubled following a series of attacks on ships in the Red Sea.
Exporters fear business loss from protracted Red Sea crisis financialexpress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from financialexpress.com Daily Mail and Mail on Sunday newspapers.
Leading shipping lines decision to avoid the Suez Canal route amid Houthi attacks has also impacted sunflower oil imports from Russia and Ukraine. Sunflower oil prices in the local market are likely to go up by 3-4% as international prices have increased by $30 per tonne in the last one week to $940 per tonne, trade insiders said. Basmati exporters said the export market has become sluggish and the shipping cost to places like Jeddah, Yemen, Beirut, and Durban have shot up multiple times in some cases.
Freight charge to Yemen has now increased to $2,400 per container from $850 earlier; freight rates to Jeddah have jumped from $300 per container to $1,500 now, Basmati Rice Price Falls In India As Exports Decline Amid Red Sea Attacks; Details Here
Leading shipping lines decision to avoid the Suez Canal route amid Houthi attacks has also impacted sunflower oil imports from Russia and Ukraine. Sunflower oil prices in the local market are likely to go up by 3-4% as international prices have increased by $30 per tonne in the last one week to $940 per tonne, trade insiders said. Basmati exporters said the export market has become sluggish and the shipping cost to places like Jeddah, Yemen, Beirut, and Durban have shot up multiple times in some cases.