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Trade Trends News
19-10-2023
India will allow exports of non-Indian aromatic rice to some countries such as the Philippines, one of the world's biggest importers of the grain, the government said in an order on Wednesday.
India, the world's biggest rice exporter, banned shipments of non-basmati white rice overseas in July and later imposed a 20 percent tax on steamed grain rice to control local prices and ensure adequate supplies in the domestic market.
But New Delhi said it would still consider rice supply requests from poor, vulnerable countries on a case-by-case basis.
India will supply 295,000 tons of non-basmati white rice to the Philippines.
The Philippines, which usually relies on Vietnam for most of its import requirements, is struggling to curb inflation, with the country's President Ferdinand Marcos Jr. setting a rice price cap to keep prices in check.
Apart from the Philippines, New Delhi will also supply non-Indian flavored rice to Nepal, Cameroon, Malaysia, Seychelles, Cote d'Ivoire and the Republic of Guinea.
Cumulatively, India will sell a little over 1 million tons to these seven countries.
In August, India allowed some rice exports to Bhutan, Mauritius and Singapore.
A government source said India is unlikely to consider more rice supply requests until farmers harvest the new season's crop.
Indian farmers have just started harvesting rice. Although growers have planted a larger area of rice this year, sporadic rains in some parts of the country could affect crop yields.
The government is keen to buy large quantities of the new season's harvest from farmers to shore up stocks. Higher production and increased government purchases will ease concerns about dwindling local supplies.
Separately, a government statement said Indian farmers produced 135.7 million tons of rice in the crop year ending June 2023, up from 129.4 million tons the previous year.
Wheat production totaled 110.5 million tons, compared with 107.7 million tons the previous year.
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