Now Thailand and Vietnam have raised export prices of rice


- Occasional

- India took advantage of the ban

- The price of rice in transit in world trade was also suddenly raised by 50 to 100 dollars per ton!

The grain markets in the country have seen the equations change rapidly recently. Trends in the global market have also changed rapidly after the government imposed restrictions on the export of non-basmati rice to maintain rice supply and market prices in India. The prices have gone up in the world market. Exporters of Thailand and Vietnam have increased the export price of rice. There were also reports of Indians living in America scrambling to buy rice in American grocery stores. In the global rice trade, importers of rice-importing countries were stunned as the price of rice was increased by USD 50 to USD 100 per tonne for cargoes in transit even in export consignments. Meanwhile, the Indian government has taken other measures after banning rice exports. The government has also directed to stop supplying rice at low prices to distilleries for ethanol production. Sources in the grain market said that this question has also been raised by the government as it was discussed that some quantity of such rice is also coming to the open market. Meanwhile, while exports of non-basmati have been stopped, there has been news of an increase in exports of basmati rice from the opposite country recently. Meanwhile, domestic market prices of rice have retreated as a result of various government measures.

The picture is emerging that the demand for Indian rice is growing worldwide. However, crop uncertainty prevails as rainfall distribution in India has been uneven so far this year.

Erratic rains have increased rice prices by up to 20% in the last 15 days. Inflation is also a reason for the 13 percent decline in rice sowing area. Some of the main rice growing areas of the country have received more, some less rainfall. Fresh basmati rice prices have risen by 9 percent recently due to heavy rains in North India, while Bihar, Jharkhand, and West have received less rain. Bengal, Karnataka and Andhra Pradesh have increased the price of IR64, the common variety of rice given in the rationing, by 20%.

However, it is difficult to estimate the paddy production as of now as there are still many days of monsoon. The inflation factor is temporary.

On the other hand, due to inflation concerns, the government has also reportedly started a move to ban the export of rice and recently the government has banned the export of non-basmati white rice. According to the government estimate, there is a possibility of reduction in rice production in the current kharif season as the planting of rice is much less than last year. Since rice is the staple food in many states of the country, the government will definitely take concrete steps to ensure that this grain is available in sufficient quantity. While India is a major exporter of rice in the world, any ban on exports will not lead to a rise in the price of rice in the world market. Assembly elections are coming up in several states in the coming months, followed by Lok Sabha elections. Hence it is natural that the government wants to control inflation. After Russia's invasion of Ukraine, India banned the export of broken rice.

The price of various types of rice in the country has seen an increase of eighteen to twenty percent in the last twenty days. For the current crop year of 2023-24 (July to June), the government has announced a support price of Rs 2183 per quintal for paddy. Although the price in the open market is much higher than this, India's share in the global export of rice is about 40 percent. It has to be mentioned here that the prices of all aromatic long grain varieties have seen an increase in the domestic and international market.

Figures released by government authorities show that India exported 4.24 lakh metric tonnes of Basmati rice in April, 2023-24, as against 3.19 lakh metric tonnes last year.

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