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Trade Trends News
29-09-2024
India approved the resumption of non-basmati white rice exports on September 28, as the country's rice stocks surged and farmers are set to harvest a new crop in the coming weeks. India is the world's largest grain exporter.
Traders noted that the increase in India's rice exports will boost global rice supply and force other major rice-exporting countries, such as Pakistan, Thailand, and Vietnam, to lower their prices, which could drive down international rice prices.
The Indian government issued an order stating that New Delhi has set a floor price of $490 per ton for non-basmati white rice exports. Just a day earlier, the government had reduced the export tax on white rice to zero.
New Delhi's decision to allow traders to sell non-basmati white rice in the international market follows a series of measures easing export restrictions on premium, aromatic basmati, and parboiled rice varieties. On Friday, India also lowered the export tax on parboiled rice from 20% to 10%.
Earlier this month, the Indian government removed the minimum export price for basmati rice to help thousands of farmers who complained about being unable to access lucrative overseas markets in Europe, the Middle East, and the United States.
Due to the El Niño weather phenomenon, which exacerbated the risk of insufficient monsoon rainfall, India imposed various restrictions on rice exports last year and extended those measures into 2024 to control domestic rice prices ahead of national elections in April-June.
Since the export ban was implemented in 2023, local supplies have increased, leading to a rise in government warehouse stocks.
As of September 1, the rice stockpile of India's state-run food corporation stood at 32.3 million tons, 38.6% higher than the same period last year, providing ample room for the government to relax rice export restrictions.
Benefiting from ample monsoon rains, farmers have expanded rice planting to 41.35 million hectares (102.18 million acres), up from last year's 40.45 million hectares (99.95 million acres) and the five-year average of 40.10 million hectares (99.09 million acres).
New Delhi-based trader Rajesh Paharia Jain said that the decision to allow non-basmati rice exports would increase income for rural farmers and help India reclaim its position in the global market.
BV Krishna Rao, president of the Indian Rice Exporters Association, stated that despite the 10% export tax on parboiled rice and a minimum price of $490 per ton, Indian white rice remains competitive in the international market.
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