Rice is one of the most consumed agro-commodity around the world. From biryanis to kheers, different varieties of rice are used for preparing wide range of dishes and hence the demand for rice always remains high in different global markets.
Major rice exporters like India, Thailand and Vietnam help meet the global demand for rice. Talking particularly about India, the Asian nation leads the pack in terms of rice exports and by exporting the commodity to more than 150 countries across the globe, commands a mammoth 40% share in the global rice trade. Ranking behind India are countries like Thailand and Vietnam and they collectively are the leading global rice suppliers who help in meeting global demand for rice.
Hence, the rice export prices from India, Thailand and Vietnam are always considered when any country thinks to import bulk rice and riding on the back of strong demand for rice from buyers in Africa, export prices of Indian rice have steadied after following the declining trend for four consecutive weeks. Vietnam’s rice export prices also surged on expectations of fresh deals from Indonesia.
Slight Pickup In Demand For Indian Rice From African Countries
According to an exporter based at Kakinada, in the southern state of Andhra Pradesh, there has been a slight increase in demand for Indian rice from African countries. This has stabilized the prices of Indian rice in the global markets which was on a free fall for last four weeks.
A look at the market reveals that prices of 5% broken parboiled Indian rice is ranging from $380 to $385 per tonne, showing no changes in price over last week and similar to the price level seen in mid-January.
While the exporter was happy about slight pickup in demand for Indian rice from African countries, he rued that the order book for the month of April is still far from complete.
Vietnam’s Rice Export Prices Also On The Rise
Talking of Vietnam, the rice export prices are also witnessing a rise. Currently, Vietnam’s 5% broken rice is being offered at $460 per tonne, $10 per tonne up in comparison to last week.
This has come after Indonesia’s food procurement agency said that it would buy 2 million tonnes of rice this year from Vietnam. Also buoying up prices is tight domestic supplies despite ongoing harvest.
The Bottom Line
India and Vietnam are the leading rice exporters around the globe and rice export prices from both these nations have buoyed up due to recent market activities.
A slight pickup in demand from African countries have steadied the prices of Indian rice which observed the downward trend for previous four weeks, while Indonesia’s food procurement agency decision to buy 2 million tonnes of rice from Vietnam have led to surge in rice export prices of Vietnam.
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