India’s export share in global rice trade is likely to rise to 29% in 2017-18 (Oct-Sep) from 26.7% in the previous year, due to higher demand following a decline in production in parts of South Asia. Iran will replace Saudi Arabia as India’s largest basmati importer, thereport said. Saudi Arabia reported a decline of 13% in rice imports during Apr-Jun. Despite a recovery in demand from Iran and the US, total growth in India’s basmati export volumes will remain in the range of 3-5%. However, India’s export is likely to rise in value due to higher realisations. Rice prices have risen globally after weak output in Vietnam and South Asia, which led to increased demand from exporters to make deliveries on forward deals. Basmati players are also likely to report significant inventory gains particularly from aged products.