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3rd Feb 2021

Non-basmati rice becomes the top Agri export in India

Indian non-basmati rice export prices are more competitive than other rice exporting countries.

 

Non-basmati rice export has surpassed basmati rice export to emerge as the top agriculture product export in India in value terms with rice shipments exceeding $3 BN for the period of Apr-Dec ’20. Basmati rice has been the top agricultural product exported amongst Indian agriculture products for many years. The total exports of Agricultural and Processed Food Products Export Development Authority’s (APEDA) product group increased by almost five times to $13.74 BN from Apr-Dec ’20 compared to $11.58 BN in the same period last 2019. India has emerged as the leading rice exporter as other rice exporting countries are facing rice supply issues. BV Krishna Rao, President of the Rice Exporters Association said that rice export from India has a bullish outlook and they are looking forward to the non-basmati rice exports exceeding 11 MM MTS for the current fiscal year.

Indian parboiled rice exports witnessed a flat tone over the last week as markets were majorly affected by the volatility in forex markets. While rice demand remained strong, rice exporters limited their offers to FOB terms as the sea freights remained on a higher side. Rice exporters maintained a neutral view on the market views as the bottlenecks continued in the vessel loading ports of Kakinada & Kandla. Many of the rice exporters are impacted by the uncertainty of the vessel arrivals as well as departures. Rice millers and rice traders limited their offers for White Rice in the principal segment as limited availability was seen, meanwhile, the 100 percent broken rice export remained soft as arrivals continued. 100 percent broken rice export sees a strong rice demand from rice importing countries from East and West Africa.

Vietnam's rice export prices for 5 percent broken white rice increased to $505-$510 per MTS from $500-505 per MTS from the previous week, due to tight supplies. One rice exporter said that even though the winter-spring rice harvest has begun, rice supplies remain low. Only 5%-6% of the rice crop has been harvested, and it will not increase until late Feb ’21 or early Mar ’21. Rice trading activity is slow as international rice buyers are waiting for the rice harvest to increase. In the meantime, Vietnam continued to buy low-quality rice from India for beer production and animal feed.

In Thailand rice export prices for 5 percent broken rice increased slightly to $520-$530 per MTS, from the previous week's $520-$526 per MTS. One rice trader said that the international rice market is still quiet, but it is likely to pick up, as rice prices quoted by Vietnam were also edging higher and closer to Thailand and the baht has started to weaken slightly.

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