Thai
rice worries Vietnamese exporters
Thailand’s plan to sell all its
rice reserves of about eight million tonnes this year has sparked concerns that
this move will undermine Viet Nam’s rice exports.
Customers buy rice at the Big C
supermarket, Long Bien district, Ha Noi. Vietnamese rice businesses are now
focusing on the domestic market instead of exports.
Nguyen Van Don, director of Tien
Giang-based Viet Hung Co Ltd, said rice exports were positive last month, with
many contracts signed.
But starting early last week,
trading tended to slow, he said, adding that his company has not had any new
export contracts. He attributed this to the higher prices of Vietnamese rice
compared to last month, and to Thailand’s plan to sell all of its rice
stockpiles.
Dang Thi Lien, director of Long An
Foodstuff Co Ltd, said the price of Vietnamese five per cent and 15 per cent
broken rice was US$5-10 a tonne higher than the same kinds of Thai rice.
To compete with Thai rice,
Vietnamese traders should lower their export price, but domestic rice prices
are on the rise, even higher than export prices, making it hard for traders to
compete abroad, she said.
Huynh The Nang, chairman of Viet
Nam Food Association, said “It will be hard to compete with Thailand in
exporting white rice due to our less competitive prices.”
Vietnamese firms previously
exported a lot of white rice to Africa, but now firms are only exporting
fragrant rice to the market, he said.
“Thailand’s determination to sell
all of the rice in stockpiles in the first half of the year will continue to
adversely affect Viet Nam’s rice exports. Viet Nam’s export rice prices are
predicted to drop further this year. Only when Thailand’s rice stockpiles are
sold out can the rice export market recover,” he said.
Domestic market
Viet Nam produces about 44-45
million tonnes of paddy a year, equivalent to 22-22.5 million tonnes of rice.
Domestic consumption accounts for about 15-16 million tonnes a year, and the
rest is for export.
Despite being one of the world’s
largest rice exporters, Viet Nam’s high-grade rice segment is dominated by
foreign brands.
Nang, who is also general director
of the Viet Nam Southern Food Corporation (Vinafood 2), said many domestic rice
enterprises have implemented strategies to promote their rice brands as well as
boost consumption of their products in the home market.
Enterprises have established their
own farm and production facilities and are focusing on improving the quality of
their rice to international standards as well as building brands for their
products.
Last December, Tien Giang Food
Company introduced to the market four to five new rice brands, which are
produced following hygiene and food safety standards and are able to enter the
US market.
In the case of Song Hau Food
Company, a member of Vinafood 2, thanks to actively promoting its rice brands
and expanding its distribution system, the company last year doubled its
domestic sales revenue from 2015, he said.
Other companies, such as Dong Thap
Food Company and HCM City Food Joint Stock Company, have actively improved
their distribution systems, he said.
Consumption volume of Vietnamese
rice in the domestic market is expected to increase significantly in the coming
time, especially as more and more rice is produced following hygiene and food
safety standards.
In addition, programmes to enable
consumers to trace the origin of rice will be sped up this year, he said.
Pham Minh Thien, director of Dong
Thap-based Co May Private Enterprise, said: “We have a market of more than 90
million people. This is a very good foundation for us to deal with the supply
and demand dynamic of the rice market.
http://english.vietnamnet.vn/fms/business/172502/thai-rice-worries-vietnamese-exporters.html
Thailand’s
sale of rice stockpile worries Vietnamese exporters
February 14, 2017 01:00
By VIET NAM NEWS ASIA NEWS NETWORK
HO CHI MINH CITY
By VIET NAM NEWS ASIA NEWS NETWORK
HO CHI MINH CITY
THAILAND’S
plan to sell all its rice reserves of about 8 million tonnes this year has
sparked concerns that this will undermine Vietnam’s rice exports.
Nguyen Van Don, director of Viet
Hung Co, said rice exports were positive last month, with many contracts
signed. But starting early last week, trading tended to slow, he said, adding
that his company has not had any new export contracts. He attributed this to
the higher prices of Vietnamese rice compared with last month, and to
Thailand’s plan to sell all of its rice stockpiles.
Dang Thi Lien, director of Long
An Foodstuff Co, said the price of Vietnamese 5 per cent and 15 per cent broken
rice was US$5-$10 a tonne higher than the same kinds of Thai rice.To compete
with Thai rice, Vietnamese traders should lower their export price, but
domestic rice prices are on the rise, even higher than export prices, making it
hard for traders to compete abroad, she said.Huynh The Nang, chairman of the
Vietnam Food Association, said: “It will be hard to compete with Thailand in
exporting white rice [because of] our less competitive prices.”
Vietnamese firms previously
exported a lot of white rice to Africa, but now are only exporting fragrant
rice to that market, he said.“Thailand’s determination to sell all of the rice
in stockpiles in the first half of the year will continue to affect Vietnam’s
rice exports adversely. Vietnam’s export |rice prices are predicted to drop
further this year. Only when Thailand’s rice stockpiles are sold out can the
rice export market recover,” he said.Vietnam produces about 44 million to 45
million tonnes of paddy a year, equivalent to 22 million to 22.5 million tonnes
of rice.
Domestic consumption accounts for
about 15 million to 16 million tonnes a year, and the rest is for export.Despite
being one of the world’s largest rice exporters, Vietnam’s high-grade rice
segment is dominated by foreign brands.Nang, who is also general director of
the Vietnam Southern Food Corporation (Vinafood 2), said many domestic rice
enterprises had implemented strategies to promote their rice brands as well as
boost consumption of their products in the home market.
Enterprises have established
their own farm and production facilities and are focusing on improving the
quality of their rice to international standards as well as building brands for
their products.Last December, Tien Giang Food Company introduced to the market
four to five new rice brands, which are produced following hygiene and
food-safety standards and are able to enter the US market.
In the case of Song Hau |Food
Company, a member of Vinafood 2, thanks to actively promoting its rice brands
and expanding its distribution system, the company last year doubled its
domestic |sales revenue from 2015, |Nang said.Other companies, such as Dong
Thap Food Company and HCM City Food Joint Stock Company, have actively improved
their distribution systems, he said.
Consumption volume of Vietnamese
rice in the domestic market is expected to increase significantly, especially
as more and more rice is produced following hygiene and food-safety standards
http://www.nationmultimedia.com/news/aec/asean_plus/30306268
Submitted by Eleven on Mon, 02/13/2017 - 17:09
Writer: Nilar
Myanmar exports rice to over 50 countries and
more than 70 per cent of exported rice goes to China, according to the Ministry
of Commerce. Traders export rice to China via both border routes
and shipping lanes but use the former more.
Between April 2016 and January 2017, the country
exported 1.15 million tonnes of rice and broken rice and earned more than US$
370 million. But that amount is less than that of the same period last year by
about 150,000 tonnes. In 2015-16, the country exported 1.5 million tonnes of
rice.
The ministry is hopeful that it will meet last
year’s record since it has received offers for government-to-government
rice-trade deals.
Assistant permanent secretary Khin Maung Lwin at
the ministry said: “Foreign countries have offered to buy rice under a
government-to-government deal. Sri Lanka now wants to import Myanmar's rice.”
Five companies have won contracts for the export
of 50,000 tonnes of rice to Sri Lanka by June, according to the Myanmar Rice
Federation. Chinese
authorities have confiscated the rice imported from Myanmar at the border as
smuggled goods due to restrictions on imports, and the Muse border trade halted
temporarily due to armed conflicts between government forces and armed rebels
in November reducing total export
http://www.elevenmyanmar.com/local/7855
PHL rice stocks down 13.5%–report
FEBRUARY 12, 2017
The country’s rice inventory at
the start of 2017 declined by 13.5 percent to 2.77 million metric tons (MMT),
from 3.2 MMT recorded a year ago, according to a report from the Philippine
Statistics Authority (PSA).
The rice inventory as of January
1, however, was enough for the country’s rice requirement for 81 days, the PSA
said in its monthly report, titled “Rice and Corn Stock Inventory”.
“Stocks in the households would
be adequate for 37 days, those in commercial warehouses for 28 days, and those
in NFA depositories for 16 days,” the PSA said in the report.
The January 1 rice-stock
inventory was also 17.19 percent lower than the December’s inventory of 3.34
MMT.“This month’s rice stocks in all sectors declined compared with their
levels the previous year. Stocks in the households decreased by 4.75 percent, in
commercial warehouses by 1.79 percent, and in NFA depositories by 39.2
percent,” the report read.
Of the January’s total rice-stock
inventory, 45.91 percent were with households, 34.29 percent were in commercial
warehouses, while 19.8 percent were in NFA depositories, the PSA said.The rice
stock in NFA depositories reached 547,460 MT, of which nearly 80 percent, or
435,340 MT, was imported.Meanwhile, rice stocks in households and commercial
warehouses reached 1.269 MMT and 948,050 MT, respectively.
“Compared with their levels the
previous month, stocks in all sectors dropped. Stocks in the households
decreased by 24.34 percent, in commercial warehouses by 13.55 percent, and in
NFA depositories by 2.96 percent,” the report read.
The government periodically
monitors the country’s rice stocks to determine whether there is a need to
import the staple.
In the same report, the PSA said
the country’s corn inventory as of January 1 reached 382,130 MT, slightly lower
than the 386,960 MT recorded in 2016.
However, the figure was 3.28
percent higher than the 369,980 MT corn-inventory level recorded in December
last year.“Compared with the previous year, corn stocks in the households
increased by 68.64 percent,” the report read.“Stocks in commercial warehouses
and NFA depositories decreased by 26.96 percent and 9.03 percent,
respectively,” it added.
The PSA said more than half the
total corn-stock inventory as of January 1 were in commercial warehouses, 45.81
percent were with the households and 0.34 percent in NFA depositories.
Corn stocks in commercial
warehouses reached 205,780 MT, while those in households and NFA warehouses
reached 175,060 MT and 1,290 MT, respectively.
“Month-on-month, corn stocks in
the households and in NFA depositories grew by 16.3 percent and 24.78 percent,
respectively. However, stocks in commercial warehouses dropped by 5.79
percent,” it added
http://www.businessmirror.com.ph/phl-rice-stocks-down-13-5-report/
New Ad Series Encourages Foodservice Audience to 'Rediscover
Rice'
By Katie Maher
Second in three-part series
ARLINGTON, VA -- This January, USA Rice launched its new foodservice marketing campaign to reach chefs and foodservice professionals as they read up on trends and search for new menu ideas. Both print and digital ads will appear regularly throughout the year in two leading foodservice publications, Restaurant Business and Flavor & the Menu.
"We selected these two magazines because they are a source of menu inspiration and foodservice trends for readers looking to be innovative in the culinary space," said John Hasbrook, USA Rice Foodservice Subcommittee Chairman. "Together these publications reach nearly 120,000 foodservice operators and 88 percent of their readers are the operational decision-makers."
The theme of the USA Rice ad series is 'Rediscover Rice' which aims to inspire foodservice operators to see the many menu applications of rice, from breakfast to entrees and everything in between. The ads highlight the versatility of rice with appetizing food photography, on-trend rice recipes, and encourage viewers to visit thinkrice.com for recipes and information about U.S.-grown rice. "The foodservice operator research we conducted last year showed us that while rice is a popular ingredient on menus, it's not top of mind with operators when it comes to recipe innovation, so we're looking to change that," said Hasbrook. "The new ads are fresh and eye-catching and we're hoping the clever emphasis of the word 'rice' in the word 'rediscover' will leave a lasting impression on viewers and inspire them to explore the many menu possibilities rice has to offer."
The first third-page ad was printed in the January/February issue of Flavor & the Menu magazine as well as the January issue of Restaurant Business magazine. A digital ad will appear in the February edition of Restaurant Business' Recipedia e-newsletter which generates more than 27,000 foodservice operator impressions
ARLINGTON, VA -- This January, USA Rice launched its new foodservice marketing campaign to reach chefs and foodservice professionals as they read up on trends and search for new menu ideas. Both print and digital ads will appear regularly throughout the year in two leading foodservice publications, Restaurant Business and Flavor & the Menu.
"We selected these two magazines because they are a source of menu inspiration and foodservice trends for readers looking to be innovative in the culinary space," said John Hasbrook, USA Rice Foodservice Subcommittee Chairman. "Together these publications reach nearly 120,000 foodservice operators and 88 percent of their readers are the operational decision-makers."
The theme of the USA Rice ad series is 'Rediscover Rice' which aims to inspire foodservice operators to see the many menu applications of rice, from breakfast to entrees and everything in between. The ads highlight the versatility of rice with appetizing food photography, on-trend rice recipes, and encourage viewers to visit thinkrice.com for recipes and information about U.S.-grown rice. "The foodservice operator research we conducted last year showed us that while rice is a popular ingredient on menus, it's not top of mind with operators when it comes to recipe innovation, so we're looking to change that," said Hasbrook. "The new ads are fresh and eye-catching and we're hoping the clever emphasis of the word 'rice' in the word 'rediscover' will leave a lasting impression on viewers and inspire them to explore the many menu possibilities rice has to offer."
The first third-page ad was printed in the January/February issue of Flavor & the Menu magazine as well as the January issue of Restaurant Business magazine. A digital ad will appear in the February edition of Restaurant Business' Recipedia e-newsletter which generates more than 27,000 foodservice operator impressions
Sri Lanka rice
millers refuse to sell at controlled prices
Feb 13, 2017
20:34 PM GMT+0530 | 0 Comment(s)
- Sri Lanka's rice millers have refused to sell rice at rates
dictated by the state price control authority and are asking for higher prices.
Sri Lanka's Consumer Affairs Authority, the agency that slaps
price controls on anything from hoppers to a cup of tea, issued controlled
prices of Rs80 for a kilogram of Samba rice,
Rs72 for Nadu (a parboiled rice) and Rs70 for Kekulu (raw rice), exposing the flaws of Sri
Lanka's economic policies to the world.
Sri Lanka's rice prices surged
after the drought due to import taxes blocking foreign rice from entering the
country.
The millers wanted a price of
Rs90 for a kilo of Samba, Rs87 for Nadu and Rs80 for Red Raw.
Sri Lanka's Daily Mirror
newspaper said the call for higher prices was issued following a meeting in
Polonnaruwa with about 120 rice processors. They came from Polonnaruwa,
Anuradhapura, Marandagahamula, Kekirawa, Kantale, Nikaweratiya, Anamaduwa and
Tissamaharama. Rice millers wanted a meeting with President Sirisena.
Unlike small shopkeepers who are
dragged to court by the Consumer Affairs Authority, large millers have
political clout.Among the largest rice millers is Dudley Sirisena, brother of
President Maithripala Sirisena.
Most millers who bought rice last
year had acquired them at lower prices. Millers have also been given credit
from state banks in the past to buy rice.
But millers also have to maintain
warehouses to store rice for long periods. At state warehouses, rice deteriorate
quickly and is sold as animal feed.Somewhat higher rice prices now could
potentially allow millers to buy rice at the upcoming Maha season paddy (rough
rice) at higher prices, giving higher incomes to farmers, many of whom grew
lower volumes of rice.However, many farmers had crops destroyed or did not grow
rice this season at all.
Meanwhile, in an unusual move,
which is not expected of the current administration that has acquired a
reputation for policy blunders including price controls, the finance ministry
cut the import tax on rice to Rs5 a kilo from Rs15, allowing foreign rice to
come in.
Finance Minister Ravi
Karunanayake said anyone could import rice and government agencies would stay
out of the market.
Analysts say a regular flow of
foreign rice can stabilise prices regardless of whether local millers sell or
not. (Colombo/Feb13/2017
http://www.economynext.com/Sri_Lanka_rice_millers_refuse_to_sell_at_controlled_prices-3-7319.html
Local millers
paying premium price for aromatic rice
GINA, GUYANA, Monday, February
13, 2017
At least two rice millers in
Region Five are offering premium price to farmers for the high- yielding
aromatic rice variety.Extension Manager of the Guyana Rice Development Board
(GRDB) Kuldip Ragnauth revealed that export markets for the rice variety have
been secured by private millers.
Aromatic rice, during cultivation
at the Guyana Rice Development Board (GRDB) Research Station, Burma, Region
Five
The Extension Manager also added
that the aromatic rice variety continues to prove to be a higher yielding one,
which attracts large- scale production in rice farming regions.Ragnauth further
explained that, “We would have seen the yields with the aromatic variety being
higher than the regular commercial variety,
Kuldip Ragnauth, Extension
Manager, Guyana Rice Development Board (GRDB)
Farmers have complained of the
extended cultivation period for this particular rice variety. The GRDB research
station is testing and screening other aromatic variety lines which would have
shorter maturation periods, bringing the production period up to par with the
commercial rice variety.
In 2015, the Ministry of
Agriculture launched a new line of the aromatic rice variety. The product has
already been presented to the international market through surveys. Aromatic
rice is becoming a cost-effective and beneficial economic source commodity
hence the efforts for its large scale production.
By: Delicia Haynes
http://gina.gov.gy/local-millers-paying-premium-price-for-aromatic-rice/
VietNamNet Bridge - The government has approved a
plan to develop a national rice brand by 2020, aiming to improve marketing
capability and competitiveness.
Vietnam is a big rice exporter, but the world only knows Its white rice products with different broken grain proportions.
Vietnam’s rice exports do not bear a Vietnam brand, but they are put in bags with import countries’ labels. In the domestic market, Vietnam’s rice is less favored than imports from Thailand, Cambodia, Taiwan and Japan.
Vietnam exports rice to 80 countries and territories, but it has to compete fiercely with Thailand, India and Pakistan in the markets, and with Myanmar and Cambodia in the future.
A report of the General Statistics Office (GSO) shows that Vietnam’s key export market is China, but the market is always unstable and unpredictable.
While Vietnam mostly exports rice to China across the border gate, Thailand, Myanmar and Cambodia have signed G2G (government to government) export contracts with the country.
Meanwhile, Asian markets (the Philippines, Indonesia and Malaysia) have had big changes recently as the governments have set up a program to develop rice production in the countries to restrict imports.
|
In African markets, the biggest
rice importers, Vietnam has to compete fiercely with India and Pakistan to
sell 25 percent broken rice, and with China to sell 5 percent broken rice.
|
In African markets, the biggest rice importers, Vietnam
has to compete fiercely with India and Pakistan to sell 25 percent broken rice,
and with China to sell 5 percent broken rice.
In April 2014, Vietnam’s 15 percent broken rice was $436.5 per ton, which was far below the price levels offered by three other contractors from France, Hong Kong and Thailand.
And these are reasons why the national program on developing Vietnam’s rice brand by 2020 has been launched. Vietnam wants to build up a national rice brand in order to help Vietnam’s rice sell at higher prices and cement Vietnam’s firm position in the world’s rice market.
Analysts pointed out that the program on developing rice brand has just been approved, the coordination mechanism remains unclear. Also, Vietnam still doesn’t have high-quality rice varieties in large scale and sustainable production environment.
There is no close cooperation among businesses, farmers and researchers, and farmers and exporters lack information about key markets. In addition, Vietnam lacks attractive brandnames to advertise in domestic and foreign markets.
Dan Viet quoted some experts as reporting that Vietnam’s rice has low and unstable quality because many rice varieties are used in production, while there is no material growing area large enough. In Mekong Delta alone, there are 100 rice varieties in use.“It is impossible to control rice brand with too many varieties,” an expert said, adding that Thai national brand is applied only to two varieties KDML 105 and RD 15
In April 2014, Vietnam’s 15 percent broken rice was $436.5 per ton, which was far below the price levels offered by three other contractors from France, Hong Kong and Thailand.
And these are reasons why the national program on developing Vietnam’s rice brand by 2020 has been launched. Vietnam wants to build up a national rice brand in order to help Vietnam’s rice sell at higher prices and cement Vietnam’s firm position in the world’s rice market.
Analysts pointed out that the program on developing rice brand has just been approved, the coordination mechanism remains unclear. Also, Vietnam still doesn’t have high-quality rice varieties in large scale and sustainable production environment.
There is no close cooperation among businesses, farmers and researchers, and farmers and exporters lack information about key markets. In addition, Vietnam lacks attractive brandnames to advertise in domestic and foreign markets.
Dan Viet quoted some experts as reporting that Vietnam’s rice has low and unstable quality because many rice varieties are used in production, while there is no material growing area large enough. In Mekong Delta alone, there are 100 rice varieties in use.“It is impossible to control rice brand with too many varieties,” an expert said, adding that Thai national brand is applied only to two varieties KDML 105 and RD 15
http://english.vietnamnet.vn/fms/business/172334/vietnam-vows-to-develop-national-rice-brand.html
Arab coalition declares Yemen's Hodeidah a military zone
DOHA (Reuters) - A Saudi-led
coalition has declared Yemen’s Hodeidah city a military zone, urging civilians
in the Houthi-held Red Sea port to stay in their homes, days after the United
Nations warned that air strikes could trap civilians and hamper aid efforts.
The
military coalition of mainly Gulf Arab states said in a statement late on
Sunday civilians in Hodeidah should "remain in their homes and avoid
clashes" and that the city would be declared a military zone from 10 a.m.
(0700 GMT) on Monday until further notice.
Earlier this week, Yemeni
government forces backed by Gulf Arab troops recaptured the Red Sea city of
al-Mokha in a push that paved the way for an advance on Hodeidah, Yemen's main
port city.
The United Nations said on Friday
the Saudi-led coalition had intensified air strikes on Hodeidah, possibly
trapping civilians and hampering a humanitarian operation to deliver vital food
and fuel supplies.
(Reporting by Ali Abdelatti;
Writing by Tom Finn; Editing by Paul Tait)
Read more at http://www.thestar.com.my/news/world/2017/02/13/arab-coalition-declares-yemens-hodeidah-a-military-zone/#QOlpy2B3Zd2pbPIU.99
http://www.thestar.com.my/news/world/2017/02/13/arab-coalition-declares-yemens-hodeidah-a-military-zone/
Currency crisis
in Iran hits India's basmati rice exports
Traders caution
exporters to stay away till currency uncertainty recedes for bilateral trade
Dilip Kumar Jha
|
53210
Basmati rice stocks gain; Kohinoor Foods, LT Foods up over
5%Basmati exporters' scrips rise on high shipment, price outlookBasmati rice
stocks rally; LT Foods, KRBL hit 52-week highRice scrips gain as China opens
marketRupee recovers sharply after Donald Trump win
Uncertainty over use of currency for bilateral trade has impacted
India’s basmati rice exports to Iran following hesitation over the use of the
dollar after fresh sanctions levied by the United States on the Islamic
country.
US president Donald Trump levied sanctions on 13 Iranian
individuals and 12 entities for their support to that country's administration
in connection with the test of a non-nuclear ballistic missile last month.
According to trade sources, the Iranian government is reluctant to use the dollar
for bilateral trade with friendly countries, including India. Since India has
already cleared its oil dues in dollars, Iran lacks rupee-denominated
currencies in its foreign currency reserves, casting a cloud uncertainty over
India’s basmati rice exports to that country.
Trade sources believe that Iran is looking to replace the dollar
with the euro. However, nothing has been finalised yet, and till a decision is
taken, India’s basmati exports to Iran may not resume. Shipment for old
contracts, however, will continue.
“India had a bilateral understanding with Iran for settlement of
oil purchases in rupees. In fact, India cleared all dues arising from crude oil
purchases in dollars. Hence, rupee reserves (in Iran) have been exhausted.
Interestingly, Iran is reluctant to use the dollar for bilateral trade in
response to US sanctions on it. The Iranian administration has also not taken
any final decision on the use of any alternative currency. Hence, there is
uncertainty over India’s basmati rice exports to that country. Until, the
dilemma over the use of currency recedes, India’s basmati rice exports to Iran
are unlikely to resume,” said Gurnam Arora, Joint Managing Director, Kohinoor
Foods Ltd, producer and exporter of Kohinoor brand basmati rice.Meanwhile, a
group of over six to eight importers in Iran has set $850 a tonne as the
maximum import price of Indian basmati, which exporters based here find
unviable due to a sharp increase in the prices over the past four months. They
seek a minimum $925–950 a tonne.
A senior Apeda (Agricultural and Processed Food Products Export
Development Authority) official said the Iranian government hasn't set any
price for Indian basmati.“The currency issue can be dealt with bilaterally
(between buyers and sellers) through use of alternative denominations like
euro, yen and rupee. So, our request to exporters is not to sell basmati rice
at a loss. They should wait till a clear price signal is received from the
market,” a senior industry official said.
Meanwhile, the price of the benchmark basmati rice in the wholesale
market near New Delhi jumped by 50 per cent to trade at Rs 72 a kg currently
from Rs 48 a kg on October 1, 2016. Indian exporters, therefore, seek a similar
increase in realisation from basmati exports to Iran. In the last two tenders,
the average realisation works out to $650-700 a tonne.
“Iran’s move to put a cap is a result of a cartel of importers
there. However, Iran has also reduced duty on basmati rice to 26 per cent from
40 per cent to ensure that its countrymen get rice at lower cost. Pakistan will
derive some advantage from this as their logistic cost is lower due to
proximity with Iran,” said Rajiv Tevtiya, Managing Director, RML AgTech, a
Mumbai-based agri-technology and advisory firm.
Meanwhile, data compiled by Apeda showed India’s basmati rice
exports at 2.9 million tonnes between April–December 2016, 0.1 million tonnes
lower than the same period the previous year. Exports, however, are likely to
pick up and touch last financial year’s level of 4 million tonnes by March
2017, said an Apeda official.
Of about one million tonnes of annual imports, Iran has purchased
nearly 0.5 million tonnes from India between April–December 2016.http://www.business-standard.com/article/markets/currency-crisis-in-iran-hits-india-s-basmati-rice-exports-117021100298_1.html
