Rice prices in major Asian exporting countries such as Vietnam, India, Thailand and Bangladesh are on rise witnessed a slight rise this week due to tightening domestic supplies and shifting demand. In addition, Bangladesh imports surged as the crops were damaged by floods.
Vietnamese Rice prices increased amid limited availability
The price of Vietnamese rice rose to $399 per ton, up from$395 last week. due to the limited rice available in the country right now. Notably, Vietnam is growing more high-quality and fragrant rice, which helps balance out fewer orders from the Philippines, a major buyer of regular white rice. Vietnam exported nearly 5.9 million tons of riceso far this year, which is3% more than last year.
Parboiled Rice prices in India are higher than last week
The price of India’s 5% broken parboiled rice is now $371–$376 per ton, slightly higher than last week. The price of white rice is also up at $363–$369 per ton. As the Indian rupee got stronger and demand improved. Buyers are slowly purchasing more now that prices are relatively low, but prices are also adjusting due to currency changes.
Moreover, Thai rice prices increased a little to $365–$370 per ton, up from $355–$360. However, prices aren’t rising much because global supply is still high. Countries such as Indonesia are growing adequate rice while cutting imports. The Philippines has refused to purchase the rice that’s over 2 months old. India is also releasing rice from its stockpile, which adds to global supply. Thailand’s government approved $3.26 billion in support for rice farmers to stabilise prices. On the other hand, Bangladesh imported rice last year, which was around 1.44 million tons, the highest in seven years. Since the floods damaged local crops, prompting the country to buy more from other countries