Tridge summary
India has approved the export of broken wheat and rice, including to Indonesia, for the 2023-2024 fiscal year. This decision comes after India previously halted broken rice exports to Indonesia to lower domestic prices. Indonesian traders will bid for the allocated wheat and rice quotas. The country relied on about 2.1% of its rice needs from India, and has signed a trade agreement with India to import 1 million tons of rice, if El Nino affects its domestic supply.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
Jakarta, CNBC Indonesia - India has decided to approve the export of broken wheat and rice to several countries, one of which is Indonesia. Previously, India closed the faucet for broken rice exports to Indonesia in order to reduce domestic prices. However, given the demand, India will allow exports of broken rice to Indonesia, Senegal and Gambia for the 2023-2024 fiscal year. "Indian exporters exporting grain to these countries, will need to bid on their allocated wheat and rice quotas," the Indian government said in a notification late Tuesday, as quoted by Reuters, Thursday (22/6/2023). The results of the Nomura Institution Study previously stated that Indonesia relied on India's supply of around 2.1% for its rice needs. It's just that this rice export permit does not provide details about Indonesia's proposal to import 1 million tonnes of rice from India. As previously stated by the Minister of Trade (Mendag) Zulkifli Hasan (Zulhas). According to Zulhas, Indonesia has signed a ...
Source: Cnbcindonesia
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