Reduces The Import Duty On Indian Basmati Rice

Philippines Reduces The Import Duty On Indian Basmati Rice

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Rice exporters of India gear them up to export Basmati rice to the Philippines. Philippines reduces the import duty on Indian basmati rice. Earlier it was 50 percent which decreased to 35 percent. 

The Philippines is considerably the second largest importer country across the globe. Annually it imports around 2.5 million tons of which includes both high quality and low quality rice. 

Indian Exports To Countries:

In the latest year 2020-21, rice exports from India almost doubled in value. As per the records, it is about 17.7 million tons from the 9.5 million tons in previous year. Non-basmati rice exports are highly in demand and record 13.09 million tons exports to many countries.

Indian basmati rice is the favorite and staple food grain across the globe. Latin America recently shifted towards India for basmati rice. There are also other importers added to the list.

With time passes, India has become the second largest exporter country of Basmati rice. The rice exporters of India ensure the finest delivery and the best grain. 

New Buyers Added In Indian Rice Exporters’ List:

Worldwide, India is the country that stands at second position in rice production followed by China. In the global rice production, it contributes around 21.5 percent. 

According to the recent survey, Bangladesh is considered as the topmost importer of Indian rice. Along with that, there are new buyers added in Indian rice exporters’ list. Day by day, many countries import rice from India, because of the finest quality of grain and effective cost. 

The ministry of Agriculture estimated the kharif crop around 107.04 million tons in this season of 2021-22. 

Reason behind new buyers in the list is the basmati rice grain’s quality. India has produced the best quality grain for centuries. People appreciate the long aromatic grain, its pleasant fragrance, and its delicious taste. 

In addition, Indian rice grain has the quality to adjust with any type of food. People can consume it as the main dish, side dish or compliment dish. Even so, this rice can produce a dessert meal.

Philippines Reduces The Import Duty On Indian Basmati Rice:

To put simply, the quality of grain attracts every city, every country. It is very difficult to resist this Indian grain. The Philippines is one of those. 

In order to import large quantities and quality grain. The country reduced the import duty by 15 percent from previous.

Thus, Indian rice exporters gearing up to export more from next month. The southeast Asian region charged import duty around 50 percent. Annually, the country imports around 2 million tons of high quality and half million tons of lower quality grains.

Benefits Of Exporting And Importing:

With the increase of internet services and new technologies, many businesses started to grow on a larger scale. There are numerous benefits of Exporting and Importing products and types of grains. 

Key benefits of Importing;

  • By importing items from other countries, enhance the varieties of products. The products that are produced in one country, exports to many countries in order to increase the purchasing power. 
  • Second key benefit is, importing decreases the manufacturing cost. There are many businessmen who import products and feel it is more affordable rather than producing it.
  • Importing is helpful to get an opportunity to become a leader. It is possible through the import of new and unique products to sell in markets. This separates you from the others.
  • One thing that needs attention is the quality of the product. If someone chooses to begin their business by importing products then it is important to take care of the quality. Also, the manufacturer is aware that their reputation is largely dependent on the product quality.

Key benefits of Exporting;

  • Exporting of products enhances the sales potential of the country. Those businesses that focus more on exportings actually expand their vision and especially the markets regionally.
  • For instance, by the time Indian basmati rice developed the country as the largest exporter of Basmati rice and non-basmati rice.
  • Exports of various products increase largely the profit shares. In addition, if your product is unique and innovative, it can rapidly increase profits in a short time.
  • While importing is helpful in setting up a small or medium type of business. But exporting helps on a larger scale. Also, exporting items helps the country to develop as a whole.

Concluding Thoughts:

Exports in a country contribute largely to economic growth. Eventually, India is the second largest exporter country of Indian basmati rice and non-basmati rice. Behind this success, rice exporters are the major helpful hand and the farmers who cultivate the finest grain.

Throughout the time, many importers are combining with India for more business deals. A few months ago, Latin America shifted towards the Indian region for rice importing.

Moreover, the Philippines reduced its import duty to import more quality grain from India. Soon, India will be the top and first largest exporter of rice grains, as per the latest reports.

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