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3rd Jul 2021

Bangladesh has announced a tender to buy 50K MTS of non-basmati rice

India saw a rise in rice exports in FY21, during the pandemic year.

 

Rice trade

Bangladesh has floated a tender to buy 50,000 tonnes of non-basmati rice from India, adding to the increasing international demand for rice and boosting hopes that this fiscal year will be excellent for Indian rice traders. Vinod Kaul, executive director of All India Rice Exporters Association (AIREA) said that the move indicates a good way for the country's non-basmati rice export. Adding that Bangladesh is likely to buy the 50,000 MTS of rice through the National Agricultural Cooperative Marketing Federation of India (Nafed). Kaul added that the rice demand from rice importers from Africa and China for India's non-basmati rice is also robust, and that overall non-basmati rice exports may possibly break last 2020 statistics if the trend continues. India saw a rise in rice exports in FY21, a pandemic year. The rise was pushed by record-high sales of rice-13.9 MM MTS of non-basmati and 4.6 MM MTS of basmati. 

Vietnam’s 5 percent broken white rice decreased to $478-$482 per MTS from the previous week’s $483-$487 per MTS. One rice exporter said that rice traders in other rice exporting countries have lowered their international rice export prices, urging Vietnamese rice exporters to do the same to keep Vietnamese (variety) competitive, but rice sales are still terribly slow. Customs data revealed Vietnam exported 181,700 MTS of rice in the first half of June 2021, increasing the country's total rice export in the year to approximately 2.77 MM MTS valued at $1.5 Bn.

Thailand's 5 percent broken rice export prices decreased to $420-$430 per MTS from the previous week’s $440-$486 per MTS. One rice exporter said that the Thai baht fell to the lowest in one year against the U.S. dollar, which translates into lower rice export prices after the currency conversion.

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