Rice import across the globe
Rice importing countries continue to purchase rice for stockpiling.
Nepal, one of the top rice buyers of Indian rice imported worth Nepalese Rupee 50.48 Billion in the last fiscal year, which was 51.4% more than the cost made on rice import from the previous fiscal year. The ‘Current Macroeconomic and Financial Situation of Nepal’ released by the Nepal Rastra Bank (NRB) reveals that rice import expense soared around Rs 17 Bn during the fiscal year 2020/21. This amounts to 3.3% of the total import expenditures of Rs 1.53 trillion. The Nepal government has been restarting to make the country self-reliant in several agricultural crops, including rice. However, the rice import has been increasing by a significant quantity every year. The NRB data shows that Nepal imported rice of Nepalese Rupee 32.21 Billion in the fiscal year 2018/19, an increase from Nepalese Rupee 28.90 Billion in 2017/18. Nepal buys rice primarily from rice exporting countries such as India, Japan, China, and Thailand.
The Bangladesh government has granted 428 business companies to import 1.72 MM MTS of rice within October 2021 targeting rapid rice supply to ease local prices. The LC (Letter of Credit) must be opened within 15 days of the issuance of the allocation purchase and the relevant data (including the Bill of Entry) must be reported to the Ministry of Food immediately via email. Last August 12, 2021, the government lowered rice import duty to 25% from 62.5%. The food ministry said that the lowered duty has been positive for the rice importers to bring in rice to the local market. The government and private companies imported 1.32 MM MTS of rice last fiscal year.
India rice export trade witnessed a flat to bullish tone for the last week, as rice export prices were affected as the local exchange fluctuations boosted the Rupee. Rice exporters have revealed the volatility in terms of new fixtures which will affect rice export prices for the short term. Domestic rice markets will continue to be stable on account of limited purchasing.
In Thailand, shipping costs continued to be a challenge as there were limited vessels available. However, prices of Thailand's 5 percent broken rice export prices increased to $390-$403 per MTS from the previous week’s $387-$400 per MTS as the baht strengthened. Rice export demand has stayed unchanged, while the baht has appreciated by almost 2%.
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