Indian rice touches new destinations
India's overall exports of non-basmati rice have seen a sharp spike in 2020-21.
Top rice exporting country, India has started exporting non-basmati rice to new destinations, including Puerto Rico, Yemen, and Poland. With a vision to boost the nation's agricultural consignments, as per the commerce ministry India exported non-basmati rice to nine countries, including Timor-Leste, Puerto Rico, Papua New Guinea, Zimbabwe, Burundi, Eswatini, and Nicaragua, where rice exports were taken for the first time or the export was smaller in volume earlier. The total volume of rice exports to these nine countries was 197 MTS in 2019-20 and it has increased to 1.53 lakh MTS in 2020-21. Also, India exported a significant amount of rice to seven new countries - Yemen, Indonesia, Bhutan, Philippines, Iran, Cambodia, and Myanmar during 2020-21.
Increasing shipment costs are witnessed considering the exports of non-basmati rice this fiscal year. Rice traders are worried that rice buyers, mainly from the African countries, may slow down their procurement in the near term as shipping costs have increased more than double over the past year. As per BV Krishna Rao, President of The Rice Exporters Association, there will be a slowdown in purchases due to higher shipping costs, mainly from buyers in Africa. African countries are the largest importers of Indian non-basmati rice. Africa as a market accounted for 54% of India’s $4.796 Bn non-basmati rice exports during 2020-21. African countries imported rice valued at $2.599 Bn during 2020-21 and Benin was the largest importer valued at $443 MM.
As per Rao, Vietnam has reduced the non-basmati rice import from India. Vietnam had imported half a million MTS of white rice and may start procurement soon after. The demand for non-basmati rice grew to a record high of 13 MM MTS last 2020 as more countries purchased the grain amid supply concerns in the ASEAN region and raging COVID-19 pandemic to ensure food supplies.
Indian parboiled rice markets witnessed a flat tone for most of the week as deals continued to be limited to East African rice importers. Local rice markets witnessed a major increase in prices while the market in Bengal remained neutral. Indian white rice markets witnessed limited movement for most sectors as container availability was seen to be exceptionally low.
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