Rice exports up 6% at 8.44 million ton in April-December 2014

New Delhi: India's rice exports rose by 6.1 percent to 8.44 million tonnes during the April-December period of current fiscal compared to 7.95 million tonnes in the same period of 2013-14.

In value terms, rice exports stood at Rs 35,157.38 crore during the period this fiscal against Rs 33,647.45 crore in the year ago period, Parliament was informed on Friday.

Export of basmati rice during the nine-month period of this fiscal declined by 6.19 percent to 2.57 million tonnes from 2.74 million tonnes in the same period last year, Commerce and Industry Minister Nirmala Sitharaman said in a written reply to the Lok Sabha.

Iran is the largest importer of basmati rice from India.

"During the current year, Iran had significant carry over stocks from domestic production and heavy imports in past two years and hence has imposed a restriction on issue of import permits from October 2014," she said.

Exports to Iran during the nine-month period declined to 705.52 thousand tonnes as against 1.18 million tonnes during the same period last year.

Other major export destinations for basmati rice are Saudi Arabia, Iraq, Kuwait and the UAE. Major export destinations of non-basmati rice include Benin, Bangladesh, Senegal, South Africa and Liberia.

Replying to a separate question, the minister said India's automobile exports have increased by 16.92 percent at 3,322,581 units during April-February this fiscal.

In 2013-14, it was 3,107,893 units as against 2,898,907 units in 2012-13.

"There is no significant fall as such in passenger vehicle exports," she said.

In a separate question on third country export to Iran, she said the government has issued guidelines for allowing third country export of humanitarian goods (food, medicines and medical equipment) to Iran as part of oil payments due to that country.

"Ministry of Finance has decided that payments to the extent of USD 100 million per month for such third country exports to Iran would be allowed from the 45 percent INR (domestic currency) vostro account (a kind of payment settlement mechanism) held with the UCO Bank," Sitharaman said.

Payment over and above USD 100 million per month would be met from 55 percent Euro component, the Minister said.

"The balance in the INR Vostro Account of Iranian Commercial Banks with UCO Bank as on March 16, 2015 is Rs 17,895.50 crore," she added.

As on February, USD 5,943 million is in Euro component.