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Thailand’s export prices fell a further one percent as the Thai baht continues to weaken.
India, the world’s largest rice exporter, disrupted global rice markets by banning white rice exports in July 2023, before placing an export tax on parboiled rice exports in August 2023.
Thailand’s domestic and export prices dropped 1-3 percent in response to reduced demand and a further weakening of the Thai baht.
On August 25, 2023, India’s Ministry of Finance issued Notification No. 49/2023 (Customs), notifying with immediate effect that the Indian government is imposing a 20 percent export duty on parboiled non-basmati rice (PNB), harmonized tariff system (HS) code 1006.30.10.
Thailand’s domestic and export prices grew 1-3 percent as demand for Thai rice surges in response to rice export bans by India and Burma.
Reflecting strong demand for Thai rice, domestic and export prices grew 1-3 percent this week.
On July 20, 2023, the India’s Ministry of Commerce and Industry (MoCI)/Directorate General of Foreign Trade issued Notification No. 20/2023 – Amendment in Export Policy of Non-basmati Rice under Harmonized System (HS) Code 1006.30.90.
Post lowered MY2023/24 rice production estimate to 19.6 MMT due to water supply concerns.
In July, Vietnam's rice exports surged to 656,869 tons, with its primary export markets being the Philippines, Indonesia, Ivory Coast, Ghana, and China. Notably, shipments to the Philippines soared to 239,400 tons, marking a 45% spike from the previous month and securing a 36% share of the export market.
U.S. rough rice exports have plummeted and the decline of Costa Rican rice production has accelerated sharply following the Government of Costa Rica’s August 2022 tariff rate reduction on imported rice from all origins.
Export prices further decreased 3-4 percent as downward price pressure from new supplies of MY2022/23 off-season rice offset the strengthening of the Thai baht.
With the late arrival of monsoon rains in Bangladesh, Post lowers its forecasts of rice harvested area and production in marketing year (MY) 2023/24, on decreased aus and aman season rice cultivation.