India set to export rice to the Philippines after reduction of import duty to 35%
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Synopsis
In 2020-21, India’s rice exports almost doubled to an all-time high of 17.7 metric tonnes from 9.5 metric tonne in the previous financial year. There was an almost 4% increase in basmati exports to 4.45 metric tonnes and a 160% surge in non-basmati rice exports to 13.09 metric tonnes, according to data with Agricultural and Processed Food Products Export Development Authority.
Agencies
The annual rice import in the Philippines is estimated to be about 2.5 million tonnes
India’s rice exporters are gearing up to ship the grain to the Philippines from next month as the Southeast Asian nation has reduced the import duty on rice being shipped from India to 35% from 50%. Philippines is the second-largest importer of the commodity in the world.
Rivalry among shippers caps price of Indian rice exports
Small exporters undercut rates, high freight charges also keep them on leash
Indian rice exporters have not been able to cash in on the demand for rice in the global market due to intense rivalry among themselves.The rivalry is the main reasons why the increase in (non-Basmati) rice prices in the global market has been limited compared with other agricultural commodities such as wheat, corn and sugar.
Corn prices have increased the most amongst agricultural commodities, rising by 58 per cent since the beginning of the year. Wheat prices have increased nearly 20 per cent, sugar 17 per cent, soyabean 27.5 per cent, while rice rates are up 13 per cent.
Now, Vietnam begins buying higher grade rice from India
April 12, 2021
Charges for shipping to Indonesia and Malaysia have doubled to $40/tonne, while for Africa they have risen to $90/tonne - REUTERS
The move will help reduce FCI’s burden on storage and handling costs, say exporters
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Charges for shipping to Indonesia and Malaysia have doubled to $40/tonne, while for Africa they have risen to $90/tonne - REUTERS
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Vietnam, which resumed rice imports from India after decades purchasing lower priced 100 per cent broken variety, has now begun to buy better quality grades to meet its other domestic needs.
“Vietnam is buying five per cent broken white rice from us since its production is lower. This five per cent broken is used for supply to its defence forces and industrial users,” said M Madan Prakash, Agri Commodities Exporters Association (ACEA) President.
RPT-ASIA RICE-Strong demand boosts Indian rates; Bangladesh seeks supplies agriculture.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from agriculture.com Daily Mail and Mail on Sunday newspapers.
3/11/2021 Vietnam prices down on major harvest, weak demand Thai rates ease to three-month low
By Bharat Gautam
March 11 (Reuters) - India s rice export prices rose this
week on robust demand, with exporters also expecting a fillip
from a reduction in domestic paddy freight charges, while
Bangladesh planned to buy supplies from all three major Asian
exporters.
Top exporter India s 5 percent broken parboiled variety RI-INBKN5-P1 rose to $395-$401 per tonne from last week s
$393- $399.
Indian Railways has cut freight for paddy rice
transportation by nearly 16% by changing loading norms, which
would help exporters, said B.V. Krishna Rao, president of the