Rice exporters in Thailand and Vietnam plan to raise prices as Indian ban tightens supply

(Singapore/Manila Reuters) Exporters in Thailand and Vietnam have been renegotiating export contracts to boost rice prices as India's restrictions on rice exports tighten global supplies. India announced on July 20 that it would ban the export of non-basmati rice. Importers from various countries rushed to buy rice from other Southeast Asian countries, and many farmers also took the opportunity to raise rice prices. Reuters quoted industry sources as saying that rice exporters in Thailand and Vietnam will renegotiate their August export contracts to increase the export price of about 500,000 metric tons of rice. A Singaporean trader familiar with the situation said: “Since India banned the export of rice , the price of rice has risen sharply, and it is difficult for suppliers to fulfill the contracts signed earlier at lower prices." The global price of staple rice has risen by about US$80 (S$107) per metric ton since India imposed the ban. India is the world's largest rice ...