India's rice export rates hit one-year peak on high demand from Bangladesh
This week, the price of rice exported from India stayed stable and came close to reaching its highest level in more than a year, while rates in Thailand rose due to an increase in demand and supply concerns.
The price range for India's 5% broken parboiled type rice remained same from the previous week at US$ 379-387 per tonne.
Since Dhaka expects to import roughly 1.2 million tonnes of rice over the next six months to shore up reserves and lower high local prices, Bangladesh's robust demand has supported rice prices recently. According to a senior official in Bangladesh's Food Ministry, the nation has finalised government-to-government agreements to import 530,000 tonnes of rice from Myanmar, Vietnam, and India, and is in talks to purchase more.
India is currently debating whether to impose export restrictions on 100% broken rice after the crop acreage was reduced by insufficient rainfall.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.