India targets 74% cut in Iraq-bound rice freight

Shafaq News- New Delhi/ Baghdad

The Indian Rice Exporters' Federation (IREF) has launched an initiative to reduce shipping costs for basmati rice exports to Iraq by nearly 74%, in partnership with Singapore-based Eximwala Solutions.

The plan involves transporting 102,210 tonnes of basmati rice aboard three vessels bound for Iraq's Umm Qasr Port. Bulk shipping could reduce freight costs from approximately $350 to $90 per tonne, potentially saving $26.6 million across the three shipments.

According to federation data, Iraq imported around 764,000 tonnes of Indian basmati rice worth $588 million during the 2025–2026 financial year, making it India's third-largest Middle Eastern market after Saudi Arabia and Iran. The region accounts for nearly 70% of India's basmati rice exports by volume.

India exported $545 million worth of goods to Iraq in the first quarter of 2026, with rice leading shipments at $169 million, according to figures from India's Directorate General of Commercial Intelligence and Statistics cited by Shafaq News on July 21.