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20th Jul 2022

India's rice exports see a rising trend due to weak global supplies

Major players Thailand and Vietnam dealing with cost pressures.


rice tradeOne of the traders based out of Singapore stated that the decrease in rice harvest in Thailand and Vietnam and their increased expenses of production may turn out to be a windfall for India’s rice exports in the present fiscal year. The difference, according to the sources, is projected to broaden in the upcoming months. Likewise, expectations of a robust Kharif harvest could allow Indian rice traders to fetch greater realizations. V Krishna Rao, President, - All India Rice Exporters Association said that even in quantity positions, India’s rice exports in the present year may possibly equal or somewhat surpass last year’s record amount of 21 million MTS. The possibilities of a new record in rice shipments come at a time when the country has enforced stringent restrictions on the export of wheat owing to decreasing local supplies.

According to the United States Department of Agriculture (USDA) rice outlook report published last July 2022, Vietnam is anticipated to buy huge quantities of rice once again with imports estimated at 1.1 million MTS for 2022. Although lower from the record set in 2021 at 1.8 million MTS, rice demand for Cambodia and India rice remains strong amid high local rice prices. Demand for broken and milled rice from India also continues to stay strong. Imports peaked at the start of 2021 due to the gap in prices between Vietnam and India for all types of rice, affected by high internal transit costs in Vietnam. India has been the world’s major rice exporter in the last decade — export revenues rose to $ 8.8 billion in 2020-2021 and $9.6 billion in 2021-2022.

India’s rate of rice export value in terms of US$ increased by 12% to $ 2.6 billion in the first quarter of the current fiscal according to commerce ministry data. M Angamuthu, Chairman, Agricultural and Processed Food Products Export Development Authority (APEDA) stated that India will maintain the momentum in rice exports in the present fiscal through the shipment of quality rice. Vijay Setia, former president of All India Rice Exporters Association stated that India is in a place to provide to the global market in a big way and exports are anticipated to pick up the tempo after two months, currently previous contracts for shipments are being completed.

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