Vietnam and Thailand Lead Rice Exports After India’s Ban
Published on: January 13, 2024.
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Vietnam and Thailand See Surge in Rice Exports as India Implements Restrictions
New Delhi, Jan 12 – In a turn of events, Vietnam and Thailand have experienced a significant increase in rice exports since India, the largest rice supplier in the world, imposed restrictions on its exports.
The importance of agriculture in the economy has been emphasized by Vietnamese Prime Minister Pham Minh Chinh, stating that despite challenges faced by other export sectors, such as smartphones, the record rice export volumes have been a positive development.
India’s ban on non-basmati white rice exports since July has directly contributed to the surge in exports from Vietnam and Thailand. While India justified this measure as a way to ensure domestic supply and control prices, some speculate that it could be a strategy ahead of the upcoming general election in the spring.
Typically, India accounts for about 40 percent of global rice exports, with major buyers including Iran, Saudi Arabia, China, and several African countries.
The ban has resulted in a significant increase in rice prices, with benchmark export prices rising by 15 percent in August, reaching USD 645 per tonne, according to the United Nations Food and Agriculture Organization. Reports from the Vietnam Food Association indicate that world rice prices have risen between 15 to 25 percent.
Forecasts suggest that rice prices may continue to remain elevated in 2024, with uncertainty surrounding whether India will continue export restrictions after the election.
For more information about rice exporters, visit [hasrice.com](https://www.hasrice.com).
Source: [KNN India](https://menafn.com)
