MUMBAI: India’s restrictions on rice exports have paralysed trading in Asia, with buyers scouring for alternative supplies from Vietnam, Thailand and Myanmar where seller are holding off on deals as prices rise, industry officials said.
India, the world’s biggest exporter of the grain, banned shipments of broken rice and imposed a 20 per cent duty on exports of various other types on Thursday as the country tries to boost supplies and calm prices after below-average monsoon rainfall curtailed planting.
Rice prices have jumped 5pc in Asia since India’s announcement and are expected to rise further this week keeping buyers and sellers on the sidelines.
“Rice trading is paralysed across Asia. Traders don’t want to commit anything in a hurry,” said Himanshu Agarwal, executive director at Satyam Balajee, India’s biggest rice exporter.
Welcome to Rice News Today!
The access to our website is free and will remain free always for most of the contents.
However, you need to create a new account to access the website. It will not take much of your time to create a new account and you will have an access to your favorite website to browse rice news, quick stats, latest stats on basmati, downloads and a lot more at one-place!
Thanks & have nice rice news today exploring!