Price Competitiveness To Boost Rice Exports From India in 2023
The major exporters of long-grained rice to the world market are India, Myanmar, Pakistan, and Vietnam. Currently, the prices for raw long-grained rice from India are hovering around 340-350 dollars on a fob basis, which is much less than other countries, giving Indian exporters an edge in African and Southeast Asian markets. Lower costs drive exports in India over competitor countries In the last few months, Myanmar and Pakistan were dominating the market and the rice from these countries was the cheapest. However, as of today, the price of rice sourced from Myanmar has increased to 385 – 400 dollars on a fob basis. There was unrest in Myanmar after the army coup in Feb 2021 weakening the export potential of the country. The domestic prices in the country increased due to the dislocation of transportation and banking services. Thailand has changed course and moved away from long grain rice to perfumed jasmine rice, the export of which is guaranteeing good margins to the exporter...