Myanmar Expects Rice Exports To Surge In Coming Months After India Curbs Supply

1. Myanmar Expects Rice Exports To Surge In Coming Months After India Myanmar Expects Rice Exports To Surge In Coming Months After India Curbs Supply Curbs Supply India- the largest rice exporter, banned exports of non-basmati white rice, a move that took global rice market by surprise, with a view to stabilize domestic rice prices in the country. Late but heavy monsoon rains damaged paddy crops in the Punjab and Haryana belt and the Government of India (GOI) had no option apart from restricting rice exports to take forward the country’s interests. However, the GOI’s non-basmati white rice export ban decision weighed heavily in global rice market as leading rice importers from across the world struggled to source the staple for their domestic consumption. Unable to source the staple from India, they switched to Thailand and Vietnam for their domestic rice needs, and that in turn added to the woes. Increased demand for rice in the absence of key market player-India, raised the prices of Thai and Vietnamese rice, forcing buyers to again look for other origins and this has opened up skies for rice exporters of Myanmar. They believe rice exports to surge in the upcoming months, helping the country to realize its annual goal of earning $1 billion from rice exports.

2. Myanmar’s Rice Exports so far Myanmar’s Rice Exports so far The export volume and the foreign revenue earned through rice exports have been minimal so far for the southeast Asian nation. According to data from the federation, from the April to July period, Myanmar has exported a mere volume of 320,000 tonnes of rice and with that have earned $138 million through exports of the staple. Experts believe Government’s priority to sell high-grade rice is the reason behind low volume and value so far. However, they are optimistic that India’s non-basmati white rice export ban would improve prospects for them. Change in Fortunes for Myanmar Change in Fortunes for Myanmar India is the leading rice exporter in the world and the Asian nation commands a mammoth 40% share in the global rice trade. Non-basmati rice comprise around 80% of India’s rice shipments and India’s absence creates a huge supply gap in the global rice market. Leading rice importers have switched to Thailand and Vietnam for their rice consumption needs in India’s absence and this in turn have pushed up export prices of rice in these markets as well. Myanmar expects to benefit of this situation. President of the Myanmar Rice Federation, Mr. Ye Min Aung said in a statement, “We hope to take advantage, even though we’ll maintain our focus on exporting only higher-quality varieties.” The Bottom Line The Bottom Line Located in Southeast Asia, Myanmar is one of the top 10 rice exporters of the world. However, so far it has failed to export a substantial volume of rice owing to Government’s priority to sell high-quality grain and a look at the data reveal the same. However, it expects the fortunes to change especially in the aftermath of India’s ban on non-basmati white rice exports. If you are a Rice Exporter looking to export bulk rice or are a rice importer looking to import bulk rice, then Tradologie.com is the platform for you. Tradologie has over 600,000 verified buyers and 70,000+ verified suppliers in its network and through the platform, you can connect and conduct bulk trade of food and agro-commodities with ease. To register as a seller, click here. To register as a buyer, click here. To stay updated with the recent happenings of the agro-trade industry, do follow Tradologie across all social media channels.