After India-the world’s largest rice exporter, banned non-basmati white rice exports in a surprise move on 20th of July, 2022, global rice importers started feeling anxious over the situation.
Currently, India exports different varieties of rice to over 150 countries around the world and any disruptions in rice supply from India is bound to raise tensions in the global rice market and on similar lines, India’s non-basmati rice export ban has raised tensions amongst leading rice importers around the globe as they remain worried of rice supplies for their consumption needs.
With non-basmati rice shipments from India out of picture, they are now turning to other leading rice exporters like Vietnam for their domestic consumption needs while fears of possible export restrictions remain.
While their fears are based on firm grounds, Vietnam Food Association official has rubbed off their claims citing that there are no plans as of now to curb exports of rice from the nation.
Official’s Statements
While speaking on the condition of anonymity, a senior official of the Vietnam Food Association cleared the air that there are no immediate plans to restrict Vietnam’s rice exports as of now. "At the moment, Vietnamese companies are exporting rice normally,” he added.
Vietnamese Rice Prices On A Rise
Ever since India has imposed restrictions on exports of non-basmati white rice, the prices of Vietnamese rice are witnessing a sharp rise. People familiar with the matter said that Vietnam’s 5 per cent broken rice prices rose to US$550 to US$575 per metric tonne, their highest since 2011. Prior to GOI’s non-basmati white rice export ban, Vietnam’s rice prices used to hover around US$515 to US$525 per metric tonne.
Vietnam’s Ministry of Industry and Trade Calls for Increased Rice Supplies
Vietnam’s Ministry of Industry and Trade housed a meeting a day after India announced restrictions on non-basmati white rice exports, asking the association to make efforts to meet the global rice demand while ensuring ample supplies remain for domestic consumption.
Vietnam government’s preliminary data suggest that rice shipments from the country during the January to July period have witnessed a 18.7 per cent YoY rise and in the event of India’s rice export ban, higher rice exports from the Asian nation can be expected.
The Bottom Line
After India’s non-basmati white rice export ban caught global rice importers off guard, they now remain worried that other leading rice exporters like Vietnam too impose similar restrictions in the weeks to come.
While their fears are based on firm grounds, a senior official of Vietnam Food Association have cleared the air that currently there are no plans to restrict rice exports from the nation.
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