India: India - Grain and Feed Update - October 2022

  |   Attaché Report (GAIN)   |   IN2022-0081

FAS New Delhi (Post) lowers the market year (MY) 2022/2023 rice production forecast to 122 MMT on reduced plantings and yields in the major rice growing states in the Gangetic Plains as result of drought-like conditions. On September 8, 2022, the Indian government banned exports of broken rice (HS code 1006.40.00) and imposed an export duty of 20 percent on rice in husk (HS 1006.10.00 and 1006.20.00) and semi- or wholly milled rice (HS 1006.30.90) other than parboiled and basmati rice effective September 9, 2022. MY 2022/2023 rice exports are forecast to decline to 17 MMT compared to the MY 2021/2022 record export volume of 21.5 MMT. Based on the latest official statistics, MY 2021/2022 ending stocks are now lowered to 35 MMT, with MY 2022/2023 ending stocks forecast to decline to about 32 MMT.

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