The continuous import of rice to boost local supply
Fresh demand is seen from Southeast Asia for Indian white rice.
The Southeast Asian country is toning down the risks of local rice supply security this year, despite the global market is struggling with shipping delays and urgency to stockpile rice. One of the top rice importing countries, Philippines will need to import rice at least 1.69 MM MTS in 2021 to completely cover the local rice supply, a government official stated. Agriculture Undersecretary Ariel Cayanan said that Philippines' minimum rice import demand for 2021 is sufficient to safeguard the country, who is buying 90% of the overall rice import demand from Vietnam. The government will have the mandatory 90-days buffer stock ahead of the thin local rice harvest season beginning July 2021. Agriculture Secretary William Dar said that despite rice crop losses due to strong typhoons at the end of the year 2020, Philippines was estimated to have reached a record of rice harvest of 19.44 MM MTS last 2020. For the year 2021, Philippines is intending to produce 20.48 MM MTS of unmilled rice.
Rice imports in Bangladesh are expected to rise to 2 MM MTS in the financial year 2020/21 as domestic rice prices increased to a record high due to limited rice supplies, a senior government official stated. Higher rice imports by Bangladesh could boost rice exports from the top rice exporting country India, as it has been offering competitive rice prices. After constant flooding in Bangladesh, the country is into rice import. A senior official at the food ministry said that the food ministry has agreed to import 1 MM MTS of rice in the 2020/21 financial year. The private sector may be given the chance to import rice as much as 1 MM MTS. Food Minister Sadhan Chandra Majumdar said that amidst the rice shortages and increasing rice prices, Bangladesh intends to cut down the rice import duty to 25 percent from 62.5 percent while authorizing private rice traders to import rice upto a specific level to boost stockpiles.
Indian Parboiled rice exports continued to see a bullish rally as rice paddy availability in the Central India region decreased causing rice millers to increase rice prices. The rice demand remains above normal and rice traders are getting inquiries from rice importing countries in the West African region. The Indian Government paddy procurement reached 532.79 Lakhs MTS until 9th Jan 2021; this surge is likely to be 25 percent above last 2019 procurement. Rice export traders anticipate price stabilization over the next 6 months. While Indian white rice exports saw a flat to bullish outlook for most of the week and rice traders maintain an optimistic outlook as fresh rice demand is seen from rice importing countries in Southeast Asia.
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