India’s rice export prices plunged to hit their lowest levels since June 2023. This decline was attributed to muted demand and abundant supplies while rice from Vietnam remained in high demand.
The price of 5 per cent broken parboiled variety in India was seen at $490-$415 per tonne, slipping from $413-$420 price seen last week. Meanwhile, Indian 5 per cent broken white rice stood at $390-$400 per tonne this week, reported Economic Times.
Demand For Vietnam's Rice
Quoting a New Delhi-based dealer with a global trade house, the report said that Vietnam has adopted an aggressive rice selling stance in the international market and this has put pressure on the prices in other countries. On Wednesday, the Vietnamese trade ministry noted that it would go through with a contract to export 100,000 tonnes of white rice to Bangladesh and boost Vietnamese rice in both new and traditional markets, reports from state media said.
On Thursday, the 5 per cent broken rice in Vietnam was priced at $389 per metric tonne, down from $393 last week, the report said citing traders.
India Lifts Curb On Broken Rice Exports
Notably, the Indian government lifted the curb on broken rice exports, which was imposed earlier in September 2022. The Directorate General of Foreign Trade (DGFT) issued a notification and said broken rice exports have now been put in the ‘free category’.
Rice Demand And Prices In Other Countries
Meanwhile, domestic rice prices have remained escalated in Bangladesh despite the authorities’ efforts to enhance reserves via imports. This has, in turn, placed more pressure on the consumers. In Thailand, on the other hand, demand has remained flat and changes in price will depend majorly on the exchange rate.
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