Iraq shipping plan to cut Basmati export freight costs by 74%
What Happened
The Indian Rice Exporters' Federation (IREF) has launched a bulk-shipping initiative for Basmati rice exports to Iraq that aims to cut freight costs by nearly 74%, from $350 to $90 per tonne. The project, undertaken with Eximwala Solutions Pte. Ltd., will ship 1,02,210 tonnes of Basmati rice through three vessels.
Key Takeaways
The move is expected to improve India's competitiveness in the Middle East, its largest Basmati market. India exported 45.64 lakh tonnes of Basmati rice worth ₹34,284 crore to the region in FY26, with Iraq alone importing Basmati worth ₹5,583 crore.