Export Prices Of India’s Non-Basmati White Rice Surged By Over $25 Tonne On Tight Supplies

1. Export Prices Of India’s Non Export Prices Of India’s Non- -Basmati White Rice Surged By Over $25/ Basmati White Rice Surged By Over $25/ Tonne On Tight Supplies Tonne On Tight Supplies India is the world’s largest rice exporter and statistics indicate that the country commands 40% of the global rice trade. In comparison to the previous crop year's 129.47 mt, the total production of cereal was estimated to have reached a record high of 130.83 mt during the current crop year to June. According to data from the Agricultural and Processed Food Products Development Authority (APEDA), non-basmati rice exports from April through February of the 2022–23 fiscal year were 16.09 million tonnes (mt), up slightly from 15.64 mt the previous year. The total production of the cereal has been estimated to be higher at a record high of 130.83 mt during the current crop year to June compared to 129.47 mt last crop year, despite kharif rice production declining to 108 mt from 111 mt a year ago. Rice Export Price Changes In India Rice Export Price Changes In India According to traders and exporters, prices for Indian non-basmati white (raw) rice have risen by more than $25 per tonne over the last two weeks as a result of limited domestic supplies and increased demand from international markets. However, the cost of parboiled (boiled) rice has decreased by $5 per tonne, and Indian white rice is still priced $20 to $30 less than its closest competitors in the international markets. The Indian cereal is at least $100 a tonne more affordable than parboiled rice.

2. VR Vidya Sagar, the Director at Bulk Logix stated, “We are facing problems in getting Wheat Seller in the domestic market as the Centre is procuring it to stock the central pool. On the other hand, the availability of parboiled rice has increased, pulling down its prices.” Impacts Impacts BV Krishna Rao, the President of The Rice Exporters Association (TREA) mentioned, “Although our prices have increased, we remain competitive in the global markets. The arrival of the new rabi paddy crops have begun in Odisha, Telangana and Andhra Pradesh. Exporters are paying farmers prices that are closer to the minimum support price (MSP).” This year's MSP for paddy is Rs. 2,040 per quintal. In India, 5% broken white rice is quoted at $453–57 per tonne, up from $432–36 two weeks ago. In contrast to $417-22, the 25% broken white rice is offered at $438-442. Vietnam, the closest rival of India, is quoting prices for both of these varieties that are at least $25 higher. M Madan Prakash, the President of the Agricultural Commodities Exporters Association (ACEA), “There is good demand for 5 per cent broken white rice from Vietnam. We are getting enquiries from East Malaysia and Timor too.” A New Delhi-based trade analyst also stated, “It is all down to demand and supply. Thailand’s next crop will arrive only in September and Vietnam may have to fulfill demand from China in case the El Nino phenomenon strikes and affects India’s monsoon.” Rice Demand From Africa Rice Demand From Africa The president of TREA also mentioned, “This year, our exports are likely to match last year’s volume. We will be meeting all requirements.” Sagar claimed that parboiled rice could still be imported from India for $370 per tonne. Following the conclusion of Ramadan, he predicted that there would be some movement of rice to Africa and West Asia. Prakash stated that enquiries are coming in from Africa while the demand from Southeast Asia is in smaller volumes. According to the analyst, China has remained silent regarding its stock situation. Thailand and Vietnam anticipate a larger crop and there isn’t any reason to be concerned about India, he said. India India’s Rice Export Policy ’s Rice Export Policy The increase occurred despite India prohibiting shipments of fully broken rice and imposing a 20% export duty on non-basmati white rice beginning in September. The government implemented these export controls out of concern that a lack of rain during the southwest monsoon would negatively affect rice production. According to the analyst, India's central pool stocks of rice are secure because the government has purchased a sizable quantity. The Food Corporation of India reports that rice stocks as of April 1 were 24.86 mt, down from 32.32 mt the previous year. It also contains 19.35 mt of rice (27.64 mt of paddy). After June, the analyst predicted a sharp uptrend in rice prices.

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