Global rice prices rise

30-Nov-2024 10:35 AM

Global rice prices rise
Global rice prices have begun to rise again after a significant drop of over 10%. Several factors are contributing to this increase, including higher demand due to the upcoming Ramadan and delays in the harvesting of the new rice crop. The Rice Exporters Association (TREA) points out that prices had already fallen considerably before this, and now the recovery in demand is driving the prices up.

Pakistan is providing strong competition to India in terms of pricing, with its rice prices being lower than many other countries. According to the Thai Rice Exporters Association, as of the latest update, the prices for 5% broken white rice are as follows:
Thailand: $516 per tonne
Vietnam: $520-$524 per tonne
Pakistan: $455-$459 per tonne
India: $453-$457 per tonne
Despite the price competitiveness, India remains a major exporter of rice, with shipments of 10-13 lakh tonnes (1 to 1.3 million tonnes) per month. After imposing a rice export ban in 2022, India began lifting some of its restrictions in September 2024. However, it still maintains a ban on the export of broken rice.

As countries like Pakistan and Thailand have reduced their rice prices by 10-15% following India's decision to lift some export bans, the global rice market is seeing a complex interplay of pricing strategies as countries compete to meet demand.