A man compares different grains of rice at a wholesale market in Navi Mumbai, India, on August 4, 2023. Reuters/Francis Mascarenhas/File Photo Obtain Licensing Rights
SINGAPORE, Aug 31 (Reuters) – Rice prices have soared nearly 20% in major exporting countries including Thailand and Vietnam after India, the world’s biggest grain exporter, banned shipments of a key variety in July, squeezing global supplies. Got tough.
Traders expect similar supply curbs by other exporters to ensure domestic food security, with importers struggling to secure shipments.
Last year, India banned exports of broken rice and imposed tariffs on shipments of different grades, ending more than a decade of price stability.
The following are the key events since late July that have led to a reduction in supply.
* July 20 – India halted exports of its largest rice category, a move that would see shipments by the world’s biggest exporter nearly halve, sparking fears of further inflation in global food prices.
* July 21 – A day after India announced the ban, Vietnam, the world’s third-biggest rice exporter, called on the country’s food association to ensure domestic rice supplies were adequate.
* 21 July – India’s ban on exports of non-basmati white rice resulted in the cancellation of contracts to supply about 2 million metric tonnes to the world market.
* July 27 – Prices of rice exported from Vietnam and Thailand hit their highest in more than a decade as India’s export curbs fueled supply concerns.
* 28 July – India banned the export of de-oiled rice bran, used in the animal feed industry, till 30 November.
* July 28 – The United Arab Emirates banned the export and re-export of rice, including rice of Indian origin, for four months.
* July 29 – Philippine President Ferdinand Marcos Jr. said the country should boost its rice stockpiles and that it would close a supply agreement with India, concerned about the possible impact of the El Nino dry season on the local crop and other suppliers. can demand.
The Philippines is the second largest rice importer in the world.
* Aug 1 – Rice exporters Thailand and Vietnam, the second and third largest exporters, began renegotiating prices on a sales contract for about half a million metric tons for August shipments.
* Aug 4 – The UN food agency’s rice price index rose 2.8% in July from a month earlier to its highest level in nearly 12 years.
* August 7 – The Philippines says it may extend lower import tariffs on rice and other goods beyond 2023 to ease pressures on inflation.
* August 11 – Government data shows retail prices of imported and locally produced rice in the Philippines rose by 4% to 14% in about two weeks as global and domestic farmgate prices soared, leading to food inflation. But the pressure has increased.
* August 16 – The Philippines Department of Agriculture recommends additional rice imports of about 500,000 metric tons to cover possible crop losses from El Niño dry weather conditions.
* August 16 – Vietnamese exporters renegotiate higher prices for nearly half a million metric tons of rice.
* 18 August – Data shows Indian farmers planted rice on 36.1 million hectares (89.2 million acres), up 4.3% from the same period last year, as July was boosted by ample monsoon rains and higher prices. The area increases.
* Aug 21 – Indonesia’s state food procurement firm Bulog says it is looking to import rice from Cambodia and Myanmar to bolster government stocks amid fears of production disruptions due to the El Nino weather pattern.
* 25 August – Myanmar plans to temporarily restrict rice exports to control rising domestic prices.
* 25 August – India imposed a 20% duty on exports of parboiled rice, which accounts for 30% of the country’s rice exports.
* 27 August – India imposed a minimum export price of $1,200 a tonne on basmati rice shipments.
* August 29 – India’s export duty on parboiled rice prompted buyers and sellers to postpone shipments of about 500,000 metric tons to after mid-October.
* August 30 – India allows traders to send out consignments of non-basmati white rice that were stuck at ports after India imposed export restrictions.
Reporting by Naveen Thukral; Editing by Simon Cameron-Moore
Our Standards: The Thomson Reuters Trust Principles.
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