Bangladesh to import more rice from India via Railways
Rice supplies are increasing as the Food Corporation of India is releasing rice stocks from its warehouses.
Bangladesh government declared a tender to import 50,000 MTS of rice from rice exporting country, India through railways for the first time as the administration struggles to increase shrinking rice stockpiles. As per Shahida Akhter, a senior Bangladeshi government official, the rice will be delivered via railways from India so that it can be supplied in the shortest possible period.
Indian parboiled rice exports witnessed a bearish outlook in terms of domestic demand however the exchange volatility has kept the rice export prices under pressure. Freight and space accessibility from the West Coast has eased while the East Coast is taking time to adapt considering the COVID-19 pandemic. Indian white rice exports remained firm with increased coverage for Vietnam & China rice buyers, while African markets continued to be slow in terms of rice export demand.
Vietnam's 5 percent broken white rice export prices increased to $490-$495 per MTS from the previous week’s $485-$490 per MTS. One rice exporter said that rice export prices increased due to the news that rice buyers are arranging purchases for Vietnamese rice, including rice importers from South Korea. Vietnam has exported rice worth $1.01Bn in the first 4 months of 2021, up 1.2% Y-O-Y, because of higher rice export prices. According to the Ministry of Industry and trade, the volume of rice exports during the period decreased by 11% Y-O-Y to 1.9MM MTS. However, as the average export price increased 13.4% Y-O-Y to USD $534 per MTS, its value surpassed that of the last year, 2020. Due to its higher selling rice prices, the Vietnam Food Association has predicted that the country's rice export value will continue to increase. As per the Ministry of Agriculture and Rural Development, the country intends to produce 43MM MTS of paddy and aims for exporting 6.5MM MTS of rice this year 2021.
Thailand 5 percent broken rice export prices decreased to $475-$485 per MTS from the previous week’s $470-$500 per MTS. As per one rice exporter, rice demand from some African importers was driving Thai rice traders to ensure supply for delivery. He also said that some vessels have arrived from Africa this month to pick up rice supplies.
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