india rice prices hit a three-month low as demand shrinks
Published on: May 4, 2024.
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Top Exporter India’s Rice Prices Hit Three-Month Low as Demand Weakens
India, one of the largest rice exporters, experienced a decline in rice export prices this week due to subdued demand and abundant supplies. Meanwhile, Thailand’s prices remained relatively stable.
India’s 5% broken parboiled rice variety was priced at $528-$536 per ton this week, compared to last week’s $538-$546. Prices had reached a record high of $560 last month.
The weak demand from Asian and African countries has led to reduced exports and lower prices offered by exporters to attract overseas buyers. Some exporters are benefiting from lower export duties, allowing them to offer rice at a more competitive price, according to an exporter based in Andhra Pradesh.
To control domestic rice prices, New Delhi imposed a 20% export duty on parboiled rice exports starting in August 2023.
In Vietnam, the prices for 5% broken rice remained unchanged at $575-$580 per ton. Trading activity has slowed down in anticipation of a five-day holiday, resulting in downward pressure on domestic paddy rice prices.
Thailand’s 5% broken rice prices were quoted between $580-$585 per ton, similar to the previous week’s levels. The demand from Indonesia and a depreciating baht have helped keep prices strong.
In Bangladesh, rice output from the summer crop is expected to reach 20.50 million metric tons, up from 20 million metric tons, as farmers have increased acreage to take advantage of higher prices. The summer-sown crop, also known as “Boro,” typically contributes more than half of Bangladesh’s annual rice production, which is around 37 million tonnes.
Source: [BRecorder](https://www.brecorder.com)
