Indian Government plans to boost rice exports
India's rice export marked 1.5 MM MTS for Dec 2020.
East Godavari Joint Collector G. Lakshmisha asked the representatives of the Rice Exporters Association to boost the yearly rice export from 20 lakh MTS to 40 lakh MTS via Kakinada Anchorage Port. Mr Lakshmisha reassured the rice exporters of all the assistance and development in facilities to improve rice exports from the region. Mr Lakshmisha said that the district authorities are ready to provide any support to the rice traders. The opportunities to export rice from the deep seaport being operated by the Kakinada Seaports Limits (KSPL) will be explored. And as per him, the Department of Labour will guarantee the availability of workers for the whole day to increase Basmati and Non-Basmati rice exports.
Indian parboiled rice export saw extreme instability and most rice traders maintained a bullish rally for the long term. As parboiled rice demand has firmed up on account of private rice traders for Bangladesh, Indian rice exporters see a better opportunity in rice trade with Bangladesh. Rice importing country, Bangladesh has been a favorable option for rice traders in India provided the quicker completion of delivery along with payment collections. The possibilities of margin leakage are minimum as the rice exports are usually done by road therefore the reliability on containers is minimal. White rice export remains soft as fresh rice paddy arrivals continue. Rice exporters estimate a good rice demand in the by-product market as the rice price remains soft to bullish with low volatility, for primary products (5% & 25%) rice traders maintain a bullish position for the near term.
In Vietnam, they are already starting to purchase rice from India for the first time in years, amidst rising rice prices and low local rice supply. Vietnam's rice export price for 5 percent broken white rice was unchanged at $500-$505 per MTS. One rice exporter said that rice trades are still slow as rice exporters are waiting for rice harvest from the winter-spring crop. Vietnam rice exports in 2020 dropped to 1.9% which is 6.26 MM MTS, but rice exports revenue increased by 11.2%. One of the rice traders said that the reason for the increase in rice export revenue is due to high rice export prices last 2020. The global rice market is struggling with logistical disruptions at major ports, while a global rush to stockpile food is stimulating rice demand.
Thailand's rice export prices for 5 percent broken rice increased to $520-$525 per MTS from $515-$520 per MTS from the previous week. One rice exporter said that due to a strong baht rice export prices increased, while international rice demand remained flat.
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