Increased demand drives up rice rates in Asia’s largest producer, India
Published on: November 17, 2023.
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Rice Prices Surge in Asian Markets
In recent weeks, the price of rice has been on the rise in several Asian countries. This increase is mostly due to higher demand for parboiled rice in India, coupled with limited supplies from the new season’s crop.
India, one of the leading rice exporters in the region, saw a slight improvement in demand for its 5% broken parboiled rice. The export rate for this variety was quoted at $493-$503 per ton, up from last week’s range of $490-$500. Despite a 20% export duty imposed by the Indian government, Indian rice remains more affordable compared to rice from other countries. Therefore, price-sensitive buyers have little choice but to turn to India for their rice needs. To explore the range of rice products from Pakistan rice exporters, click here.
Meanwhile, in Bangladesh, rice prices have also witnessed an increase. This surge comes as a surprise, considering the good yields and ample reserves in the country. Traders have reported a sudden instability in the rice market, causing prices to rise by 2 to 5 taka per kilogram. This development adds further strain on consumers who are already grappling with high inflation rates. For a wide selection of rice suppliers from Pakistan, visit this link.
Thailand, another major player in the rice market, has also seen an uptick in prices. The cost of 5% broken rice in Thailand was quoted at $570-$575, higher than the previous week’s range of $562. Rice exporters from Pakistan can be found here.
Despite the increase in prices, rice continues to be a staple food for many households in these countries. It is a crucial source of sustenance for millions of people, so any fluctuations in price can have a significant impact on consumers’ budgets. With that in mind, it is essential for governments and stakeholders in the rice industry to closely monitor price movements and take necessary measures to ensure stable and accessible rice supply. To explore the latest rice prices from Pakistan, click here.
In conclusion, the rise in rice prices across Asia can be attributed to various factors, including demand and supply dynamics. With India offering competitive prices, buyers have turned to the country for their rice needs. Bangladesh and Thailand have also experienced price hikes, which pose challenges for consumers. As we navigate these developments, it is crucial to prioritize food security and affordability for all. To learn more about the rice business in Pakistan, visit this link.
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