On Monday, rice prices increased amid a jump in India’s exports to Africa during the current financial year.
Rough rice futures for May delivery went up by 0.27% to $16.96 per hundredweight on March 06’s Asian afternoon session.
This financial year, Indian shipments to African countries reached 9.00 million tons versus the 7.30 million tons last fiscal year.
Within 12 months, its exports to price-sensitive Africa are anticipated to hit 11.00 million tons. According to analysts, they look forward to strong demand from the country in the next period.
Also, for the first time, among the Latin American countries, Cuba started importing New Delhi rice. As a result, the nation has already gathered 57,000.00 tons of grains from the country.
However, China’s imports from India have dropped aggressively, based on experts. The Asian nation used to source 100.00% rice from them. But the center had an embargo on the commodity last year.
Moreover, the US Department of Agriculture (USDA) had expected their rice exports to plunge to around 19.00 million tons.
Despite limitations like the imposed 20.00% duty on the transport of grains, New Delhi’s total shipments can hit 20.00 million tons.
Analysts added that deliveries might range from 4.40 million tons to 4.60 million for the full financial year. Higher compared to the 3.90 million tons in 2021/22.
Vietnamese Rice Exports Increased
In January, Vietnam recorded the highest rise in its costs for rice exported to Taiwan. It had a surge of 54.60% year-on-year.
For 2023, it forecasts favorable conditions for exports, as many countries are affected by climate change and drought. The countries that cause a supply shortage are the US, China, and some in Europe.
This year, Vietnam has a target of delivering between 6.50 million tons to 7.00 million tons of rice.
Also, after the COVID-19 pandemic, Vietnamese farm produce has opened the markets. The shipments are predicted to rise again amid more robust demand in traditional markets like Indonesia, Bangladesh, and China.