Prices Of Rice Exported From India And Vietnam Witnessed A Rise

Prices Of Rice Exported From India And Vietnam Witnessed A Rise

India is the largest rice exporter in the world and commands 40% share in the global rice market. Ranking behind India, Vietnam is the second largest rice exporter in the world.The post-covid effects, climatic uncertainty, and the unrest in Russia and Ukraine have all contributed to increased global demand for rice.

Rise In Price Of Rice

The cost of rice exported from India and Vietnam increased this week, with rates for the more affordable Indian variety reaching their highest level in almost two years due to strong demand for the staple grain despite ongoing supply risks on a global scale.

India’s 5% broken parboiled variety, designated as “RI-INBKN5-P1,” was quoted at $397–404 per tonne as opposed to $395–402 in the previous week. Prices for Vietnam’s 5% broken rice (RI-VNBKN5-P1) increased from $455-$460 last week to $457 per tonne.

Thailand’s 5% broken rice prices remained stable at $460 per tonne (RI-THBKN5-P1) despite muted demand.

Officials in Bangladesh, a neighbor, blame middlemen for hoarding, which has kept domestic rice prices high despite good crops and reserves. To lower local prices, Bangladesh recently permitted private traders to import rice.

India intends to keep enforcing a ban on the export of broken rice and a 20% tax on white rice shipments to other countries in order to maintain control over domestic prices.

Increase In Demand

According to a Mumbai-based dealer with a global trade house, demand has been strong for the past few weeks because Indian prices are lower than those of competitors.

According to government and industry officials, India’s exports in 2022 increased to a record level despite government restrictions as consumers continued to snatch up competitive deals from the world’s best Rice Exporter.

According to a trader based in the Mekong Delta province of Kien Giang, “Demand is still high as many people are buying despite the unpredictability of the global situation.”

Rice Shipments

“In the first half of this month, shipments to Africa and Malaysia were much lower than the previous year, while those to China and the Philippines witnessed a sharp increase.”A UN-backed agreement that permits the continuation of grain shipments from the Black Sea is up for negotiation this week but there is a risk that the conflict between Russia and Ukraine could worsen.

According to a trader, new supply that is anticipated to arrive in March or April could further depress prices.

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