Indian rice prices fall, but high inflation in Vietnam pushes up the prices in Vietnam, too.
The rice prices exported from India fell this week because more rice was available, and rising costs in Asia spread to Vietnam even though there was miniature trading.
Compared to last week, India’s top exporter’s 5 per cent broken parboiled variety price dropped from $364 to $368 per tonne, down from $365-$369. The weak rupee and increased supplies after the government’s plan to give poor people free food grains were blamed.
In Andhra Pradesh, exporters in Kakinada say that new season crops are being milled, and the government is giving away last year’s harvest.
Even though India is likely to get normal monsoon rains this year, tea, rubber, and rice-growing areas in the northeast and the southern parts of the peninsula might not. The India Meteorological Department said that this could happen.
Flash foods in early April ruined rice crops on about 6,500 hectares of land in Bangladesh, the agriculture ministry says.
Traditionally the world’s third-largest rice producer, Bangladesh expects to make 20 million tonnes of summer rice this year.
A ton of 5 per cent broken rice in Vietnam went for $420-$425 per ton this week instead of $400-$415 last week.
As a result of the rising cost of food worldwide, prices rose in Ho Chi Minh City.
For farmers to grow their crops, they have to pay more for fertilizers and pesticides.
However, trading is still quiet, and the Mekong’s winter-spring harvest should be done by the end of the month.
During the COVID-19 pandemic, there were problems with the supply chain. Now, because of the war in Ukraine, prices for ingredients and materials are going up, hurting businesses and people in Asia.
In Thailand, a ton of broken rice costs $408-$412 a ton. The market was shut down for Songkran, the traditional New Year holiday.
Farm exports surge by 20% to $50 billion in FY22, up from $40 billion in FY21.
India’s agricultural exports rose about 20% to $50.21 billion in 2021-22, even though the COVID-19 pandemic made it hard to get things to farmers. China says it earned $9.65 billion selling rice in 2021-22, which was a 9.35 per cent increase from the previous year. It says this because rice was the top-selling Agri commodity.
People in 2021-22 sold a lot of wheat for $2.2 billion, up from $567 million in 2021-22.
In 2021-22, exports of dairy products rose by more than 96%, from $323 million in 2020-21 to $634 million in 2021-22. Bovine meat exports increased from $3.17 billion in 2020-21 to $3.30 billion in 2021-22.
The export of poultry products went up from $58 million in the previous year to $71 million in 2021-22. The export of sheep and goat meat went up by 34% to $60 million in the same period.
It sells to countries like Bangladesh, Vietnam and the United Arab Emirates. It also pledges to countries like the United States, Nepal and Malaysia.
As a result of the government’s efforts through APEDA, the export of agricultural and processed food products has risen. These efforts include B2B trade shows in different countries and product-specific and general marketing campaigns with the help of Indian embassies.
“We’ve also put together a list of 50 agricultural products that could help us grow our exports,” said M Angamuthu, the chairman of APEDA.
India’s top exporter’s price for the 5 per cent broken parboiled variety dropped from $364 to $368 per tonne, down from $365 to $369 per tonne. Strong rupees and more food after the government plan to give poor people free food were blamed. India will likely get the average amount of monsoon rains this year, and some areas in the northeast and the southern parts of the peninsula might not.
In other words, the value of India’s agricultural exports went up by about 20% in 2021-22. According to China, it sold rice for $9.65 billion this year. Rice was the most popular Agri commodity in the country. The government has worked with APEDA to help exports of agricultural and processed food products increase.