In a strategic move to capitalize on heightened demand from key markets in Europe and the Middle East, India has inked agreements for the export of approximately 500,000 metric tons of new season basmati rice, according to reports from traders on Wednesday. India, renowned for its annual export of over 4 million tons of basmati rice, a distinctive long-grain variety celebrated for its aromatic quality, continues to fortify its trade ties with nations such as Iran, Iraq, Yemen, Saudi Arabia, the United Arab Emirates, and the United States.
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After imposing a ban on non-basmati white rice exports in June to stabilize domestic prices, India set a floor price, or minimum export price (MEP), of $1,200 a ton for overseas sales of basmati in August. However, as the floor price hampered exports of the premium variety and saddled farmers with large stocks of new-season rice, the government last month cut the floor price for basmati exports to $950 per ton.
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