After India’s ban on white rice exports, Thailand and Vietnam hike prices

Thailand and Vietnam increased rice prices by $5-10 a tonne on Friday even as the global rice market switched to a “wait and watch mode” after India banned exports of (non-basmati) white (raw) rice with immediate effect on Thursday evening.

However, traders and analysts expect both rivals of India, the numero uno rice exporter, to increase prices by at least $50 a tonne when the market opens next week. 

Neighbour’s pride

“India’s envy, neighbour’s pride is what Indian rice export situation is. Prices will be up at least 10 per cent in the global market,” said Rajesh Jain Paharia, a New Delhi-based exporter. 

According to a Thailand trade source, prices of five per cent, 25, and 100 per cent Thai rice have gone up by $5-6 after the ban. “It has been difficult to get quotes today,” the source said, pointing to the “wait and watch” attitude. 

All grades of Vietnam…