[ad_1]
Vietnam, the world’s third greatest rice exporter, has imported at the very least 200,000 metric tons of husked brown rice from India between December and February, the sources mentioned.
Vietnam is receiving brisk export orders for rice after India, the world’s greatest exporter, imposed a ban on white rice exports in 2023.
Rice shipments from Vietnam surged to a report 8.3 million metric tons in 2023.
Surging exports have led to a drawdown in stockpiles in Vietnam, which remains to be eager to satisfy rising international demand, mentioned an exporter within the japanese Indian metropolis of Kolkata.
Since rice paddy was not obtainable in Vietnam for milling, some merchants imported husked rice from India and made a very good revenue by processing and exporting the grain, he mentioned. Quickly, different merchants adopted go well with, the exporter mentioned. Whereas India’s husked brown rice was provided at round $500 per metric ton on a free-on-board (FOB) foundation on the east coast, Vietnamese sellers offered the polished grain at over $600, the sources mentioned.
Vietnam began shopping for husked brown from India solely just lately, and it now accounts for round 95% of India’s whole husked brown rice exports, they mentioned.
Hanoi is at the moment importing round 70,000 metric tons of husked brown rice from India each month, mentioned a authorities official, who declined to be recognized, as he isn’t authorised to speak to the media.
Though the brand new season’s provides have began trickling in in Vietnam, Indian rice remains to be cheaper, the Kolkata-based exporter mentioned.
Earlier than India imposed the rice export ban, Vietnam imported 100% damaged white rice to make animal feed and beer.
The Philippines, Indonesia, Nigeria, Senegal, Ivory Coast, and Malaysia are main importers of rice, and so they rely upon exports from India, Thailand, Vietnam, Pakistan, and Myanmar.
India at the moment permits exports of solely parboiled and premium basmati rice varieties. (Reporting by Rajendra Jadhav; modifying by Mayank Bhardwaj and Kim Coghill)
(Now you can subscribe to our Financial Occasions WhatsApp channel)
