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Indian Rice Traders Raise Prices in Response to Increased Export Duty

Published Date: April 02, 2024

Thailand's demand for rice remained sluggish, while top producer India's rice export prices increased last week as traders anticipated higher tax on rice exports. This week's quote for India's 5% broken parboiled type was $550–$558 per ton, which is higher than previous week's $543–$550. The price reached an all-time high of $560 earlier this month. "We have had to increase prices as a result of the government calculating the 20% export duty based on the entire transaction value rather than the Free on Board (FOB) value.

This has pushed our export prices higher,” said a New Delhi-based dealer with a global trade house. New Delhi imposed a 20% export duty on parboiled rice exports in August 2023 to control domestic rice prices. Indian exporters have received notices from the customs department demanding payment of duty differentials on rice exported in the last 18 months, four exporters told Reuters, a rare tax demand that could cripple rice shipments from India., designed in India, for the world, is a user friendly SaaS based global trade hub and your streamlined solution for procurement and sales of B2B commodities such as rice. On the platform, connect with verified global bulk rice buyers or bulk rice sellers, bypass middlemen for higher profits, and secure the best bulk prices for your business, effortlessly. Simplify your rice sales or procurement with

Philippines May Reduce Rice Imports, Impacting Vietnam

The stated prices for Thailand's 5% broken rice were $585–$590 per ton, which is a decrease from $598 last week. A merchant headquartered in Bangkok stated that prices subsided as a result of declining demand and the baht, but noted that Indonesian customers kept prices high. Although there was still enough paddy, another vendor claimed that Vietnamese rice was more affordable and that the local supply was running low for the season. The price per metric ton of Vietnam's 5% broken rice was $590–$595, the same as it was a week earlier.

A dealer located in Ho Chi Minh City stated, "Exporters are bringing down their purchases from farmers after a U.S. projection earlier this month suggesting that the Philippines could lower the amount it imports this year upon rising domestic supplies." Vietnam's main export destination for rice is the Philippines. In the meantime, despite a healthy output and reserves, rice prices in Bangladesh remained high. In an attempt to lower domestic rice prices, officials stated that Bangladesh might permit private traders to import up to 200,000 tonnes of the staple crop. 

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