Rice prices fall due to arrival of new goods from India, Pakistan and Myanmar
04-Nov-2024 02:51 PM
Hyderabad. After the Indian government deregulated and made duty free the export of general category rice, the pressure on the prices of this important food grain has started increasing in the global market.
Apart from this, with the arrival of new rice in countries like India, Pakistan and Myanmar, its supply and availability in the global market is increasing, due to which the environment of softening of prices is likely to continue in the future as well.
During the last fortnight, the price of rice in the international market has come down by 10 percent. According to a leading exporter, the strength of the dollar is making it easier for importers to buy rice and exporters are getting help in keeping the price of their product stable.
Rice export from India has completely opened up. This is like a boon for foreign importers who were earlier very worried and troubled by the high market price.
Last year, the export offer price of 5 percent broken white rice from Thailand came down to $ 507 per tonne, which was running at $ 529 per tonne on October 16.
Though the offer price of Vietnamese rice remained at the previous level of $537-541 per tonne, it is likely to be reduced soon or else the rice will not be attractive to foreign buyers.
The offer price of Pakistani rice also came down to $463-467 per tonne from $481-485 per tonne a fortnight ago and similarly the export offer price of Indian 5% broken white rice fell from $488-492 to $444-448 per tonne in the same period. Thus, Indian rice is available at the cheapest price.
As far as rice with 25% broken content is concerned, the Indian offer price has come down to $434-438 per tonne from $491-495 per tonne in mid-October.
Similarly, the price of Pakistani rice has come down to $424-428 per tonne from $440-444, which is even cheaper than Indian rice.
The export offer price of this rice has fallen from $508 per tonne to $491 per tonne in Thailand and from $509-513 to $497-502 per tonne in Vietnam. There is little chance of this increasing in the near future.