The increasing global demand of Indian Non-Basmati Rice Export
Rice exports from India continue to increase this year 2020.
It is estimated by rice exporters in India that the export of non-basmati rice is projected to double this year as Indian rice prices are 10 percent lower than other rice exporting countries and production has fallen in Thailand and Vietnam. President of the Rice Exporters' Association BV Krishna Rao said that this year they will easily be able to export over 10 Mn MTS of non-basmati rice compared to 5.04 Mn MTS last 2019. He also stated that Indian rice prices are 10 percent lower than other rice exporting countries. Government data indicates that Indian rice exports until October 2020 have doubled more than 6.12 Mn MTS. The executive director of the All India Rice Exporters' Association, Mr. Vinod Kaul said that the main reason is the increase in rice buying is due to food security concerns in West African countries after the pandemic. He also added that India has become a reliable rice supplier compared to other top rice exporting countries.
Indian parboiled rice markets continued to maintain a bullish tone as fresh demand was witnessed from all rice importing countries. While many rice exporters are still struggling to complete rice shipments due to the unavailability of containers, rice traders with long positions for breakbulk too have mentioned operational issues at Kakinada port which has extended the lead time by almost 21 days. These issues may help to keep the rice prices in check for the near term. Rice traders are also monitoring the Bangladesh tender, which was announced in Mid-November 2020, as per the information available from reliable market sources the lowest offer value stood at $416. The variety of rice is determined to Swarna (Medium Grain) for this tender.
While the Indian white rice market turned overall bullish as new rice requirement was seen from Asian rice importing countries, while demand from rice importing African regions continued muted. Broken white rice markets continued an upward movement as well as the by-product market over-all continued on the higher side.
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