The world rice market has shown no signs of "cooling down"

Rice prices in major exporting countries, including Thailand and Vietnam, have risen about 20% since India restricted exports of some varieties, tightening global supplies.

Thị trường gạo thế giới vẫn chưa có dấu hiệu 'hạ nhiệt'

The world rice market has yet to show any signs of cooling down. (Source: Vietnam Agriculture Newspaper)

Rising rice prices have prompted Indian farmers to expand their cultivation areas. Data from the Indian Ministry of Agriculture on September 1 showed that rice cultivation in India increased 3.7% compared to the same period last year to 39.8 million hectares.

Growing more rice in the world's second-largest rice producer and consumer could ease concerns about the country's rice supply.

In July, India suddenly imposed a ban on exports of non-basmati white rice, threatening to cut the country's rice exports by nearly half.

Meanwhile, Thailand's Ministry of Commerce said the country's rice exports as of August 29 increased 11.9% year-on-year to 5.29 million tonnes.

An official from the Thai Ministry of Commerce, Ronarong Poolphiphat, said the increase in rice exports was due to concerns about the El Nino weather phenomenon causing drought in many countries and India's rice export ban causing rice importing countries to increase purchases to maintain food security.

This week, Vietnam's 5% broken rice was traded stably around $643 per tonne and Thailand's 5% broken rice was anchored near $646 per tonne.

Source