Rice prices seen to fall further as India lifts export ban

Workers unload sacks of rice from Thailand into a warehouse in Tondo, Manila on June 23, 2022. In a report by the United States Department of Agriculture’s Foreign Agriculture Service, the Philippines is forecast to import 2.8 million metric tons (MT) of rice for market year 2022/2023 with importation “expected to remain important in maintaining food security,” as it projected an increase in consumption due to a growing population. George Calvelo, ABS-CBN News

Jervis Manahan

ABS-CBN News

MANILA -  The price of rice may fall further after India lifted its export ban on non-basmati white rice, the Department of Agriculture said on Wednesday.India recently announced the lifting of the export ban a year after it was implemented. Agriculture spokesperson Arnel de Mesa said India&#x27;s move will relieve price pressure in the international market.India banned exports last year amid a dip in production and threats of El Nino.&quot;Remember natin, 40 percent ng rice sa international market ay galing sa India kaya very important na makapasok ulit sa international trade ang Indian rice, especially ang non-basmati white rice,&quot; De Mesa told reporters.(We have to remember that 40 percent of the rice in international market comes from India so it&#x27;s important that their rice enter international trade again.)India also imposed a minimum export price of $490 per metric ton. This is lower compared to international prices last year, which reached $600 per metric ton.&quot;Mawawala ang pressure sa trigo dahil nanjan pa ang Ukraine, pero yung rice dadami sa buong mundo, at mas mura pa ang Indian rice compared sa Vietnam,&quot; De Mesa added.(Pressure on wheat will be lessened, more rice will go to the international market and Indian rice is cheaper than that of Vietnam.)Volume of imports so far this year has reached almost 3.2 million metric tons, almost poised to breach the 3.6 million metric tons of imports recorded in 2023.&quot;We have enough supply coming from a strong harvest last year and during the first quarter kahit may El Nino tayo,&quot; De Mesa said.

The price of rice may fall further after India lifted its export ban on non-basmati white rice, the Department of Agriculture said on Wednesday.

The price of rice may fall further after India lifted its export ban on non-basmati white rice, the Department of Agriculture said on Wednesday.

Rice prices seen to fall further as India lifts export ban | ABS-CBN

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Rice prices seen to fall further as India lifts export ban

Rice prices seen to fall further as India lifts export ban

Jervis Manahan,

ABS-CBN News

Published Oct 02, 2024 02:58 PM PHT

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