{"id":813257,"date":"2024-12-19T23:21:35","date_gmt":"2024-12-20T05:21:35","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2024\/12\/19\/pakistan-offers-india-stiff-competition-as-global-rice-prices-rise-after-sharp-fall\/"},"modified":"2024-12-19T23:21:35","modified_gmt":"2024-12-20T05:21:35","slug":"pakistan-offers-india-stiff-competition-as-global-rice-prices-rise-after-sharp-fall","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2024\/12\/19\/pakistan-offers-india-stiff-competition-as-global-rice-prices-rise-after-sharp-fall\/","title":{"rendered":"Pakistan offers India stiff competition as global rice prices rise after sharp fall"},"content":{"rendered":"<div>\n<nav aria-label=\"breadcrumb\">\n<ol itemscope itemtype=\"https:\/\/schema.org\/BreadcrumbList\">\n<li itemprop=\"itemListElement\" itemscope itemtype=\"https:\/\/schema.org\/ListItem\"><a href=\"https:\/\/www.thehindubusinessline.com\/\" itemtype=\"https:\/\/schema.org\/Thing\" itemprop=\"item\"><br \/>\n                        Home<br \/>\n                    <\/a><meta itemprop=\"name\" content=\"Home \"><meta itemprop=\"position\" content=\"1\"><\/li>\n<li itemprop=\"itemListElement\" itemscope itemtype=\"https:\/\/schema.org\/ListItem\"><a href=\"https:\/\/www.thehindubusinessline.com\/economy\/\" itemtype=\"https:\/\/schema.org\/Thing\" itemprop=\"item\"><br \/>\n                        Economy<br \/>\n                    <\/a><meta itemprop=\"name\" content=\"Economy\"><meta itemprop=\"position\" content=\"2\"><\/li>\n<li itemprop=\"itemListElement\" itemscope itemtype=\"https:\/\/schema.org\/ListItem\"><a href=\"https:\/\/www.thehindubusinessline.com\/economy\/agri-business\/\" itemtype=\"https:\/\/schema.org\/Thing\" itemprop=\"item\"><br \/>\n                        Agri Business<br \/>\n                    <\/a><meta itemprop=\"name\" content=\"Agri Business\"><meta itemprop=\"position\" content=\"3\"><\/li>\n<\/ol>\n<\/nav>\n<p>Updated &#8211; November 29, 2024  at 05:29 PM.<br \/>\n | <span><br \/>\n         Chennai<br \/>\n     <\/span><\/p>\n<h2>Lower freight rates from Pakistan help its exporters; rates rebound on Philippines demand, delay in harvest of new crop<\/h2>\n<div>\n<div><picture><source media=\"(min-width: 1600px)\"  ><source media=\"(min-width: 768px) and (max-width: 1599px)\"  ><source media=\"(min-width: 321px) and (max-width: 767px)\"  ><source media=\"(max-width: 320px)\"  ><img decoding=\"async\" src=\"http:\/\/www.thehindubusinessline.com\/theme\/images\/th-online\/1x1_spacer.png\" alt=\"Pressure. On export pricing\" title=\"Pressure. On export pricing\" data-original=\"http:\/\/www.thehindubusinessline.com\/theme\/images\/th-online\/1x1_spacer.png\" fetchpriority=\"high\"><\/picture><\/div>\n<p><span><br \/>\n\t\t\t\t\t\t\t\t\tPressure. On export pricing<br \/>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t| Photo Credit:<br \/>\n\t\t\t\t\t\t\t\t\t\tTRAVELLINGLIGHT<br \/>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span><\/p>\n<\/div>\n<\/div>\n<div id=\"ControlPara\" itemprop=\"articleBody\">\n<p>Rice prices in the global market have begun to firm up after dropping over 10 per cent. Still, Pakistan is offering tough competition to India with its competitive pricing.<\/p>\n<p>\u201cRice prices have begun to firm up as they had dropped considerably. They are up as Ramadan is approaching and harvest has been delayed,\u201d said BV Krishna Rao, President, The Rice Exporters Association (TREA).\u00a0<\/p>\n<p>\u201cAfter India removed rice export curbs, other countries such as Pakistan and Thailand cut prices by 10-15 per cent,\u201d said Delhi-based exporter Rajesh Jain Paharia.<\/p>\n<p>\u201cRice prices are rebounding on good demand from the Philippines, where buyers seek the new crop. Far-Eastern countries are buying good volume,\u201d said Rajathi Group Director M Madan Prakash.<\/p>\n<h5>\nPakistan\u2019s advantage<br \/>\n<\/h5>\n<p>According to the Thai Rice Exporters Association, Thailand is quoting $516 a tonne for 5 per cent broken white rice, while Vietnam is offering at $520-$524 and Pakistan at $455-$459. India\u2019s price is $453-$457. Prices are up $10 over the past fortnight. <\/p>\n<p>\u201cThe new rice arrival is offered at $460 a tonne free-on-board,\u201d said Prakash, also a former president of the Agri Commodities Exporters Association (ACEA).\u00a0<\/p>\n<p>\u201cThe problem for India is that freight rates from Pakistan are lower compared to India. Due to high imports from China, freight charges are lower from Pakistan. For example, from Karachi to Port Louis in Mauritius is $45 per container, while from Mundra to the same port it is $90,\u201d said Jain.\u00a0<\/p>\n<p>\u201cOne advantage for Pakistan is that its rupee value is lower than India. Pakistan can offer only limited competition to India, though of late its exporters are aggressive in the market, said New Delhi-based trade expert S Chandrasekaran.<\/p>\n<h5>\nTapping empty containers<br \/>\n<\/h5>\n<p>The Pakistani rupee is valued at 0.0036 against the dollar, while the Indian rupee\u2019s value is 0.012 to the greenback.\u00a0<\/p>\n<p>\u201cPakistan has good relations with China compared to India. Therefore, they are importing huge amounts of goods from Beijing,\u201d the expert said.<\/p>\n<p>Data show that Karachi handles 1.97 million containers annually and returns about one million containers empty.<\/p>\n<p>\u00a0\u201cIt makes sense to make use of empty containers. It is better to offer low freight rates than allowing it to go empty,\u201d the trade expert said.<\/p>\n<p>Despite the stiff competition, India is exporting 1-1.3 million tonnes (mt) of rice per month, particularly after shipment curbs were lifted, said TREA\u2019s Rao.<\/p>\n<h5>\nQuality issues with Pak<br \/>\n<\/h5>\n<p>\u201cSome buyers, particularly in the Philippines are reporting quality problems with Pakistan rice. They are complaining that the whiteness of the rice is of not of desirable level, while moisture seems to be a bit high,\u201d said a trader without wishing to be identified.<\/p>\n<p>India curbed rice exports from September 2022, when it banned shipments of broken rice and imposed a 20 per cent duty on white rice. In July 2023, it banned exports of white rice and imposed a 20 per cent duty on parboiled shipments. It also fixed $950\/tonne as the minimum export price for basmati.<\/p>\n<p>The curbs were imposed to control food inflation, particularly with rice-growing regions of the country experiencing deficient rainfall in 2022. Last year, El Nino resulted in one-fourth of the country suffering from drought.\u00a0<\/p>\n<p>Despite weather woes, India produced 135.75 mt in the 2022-23 crop year and\u00a0 137.82 mt in 2023-24 &#8211; both record highs. This year, kharif rice production has been estimated at 119.93 mt.\u00a0<\/p>\n<p>With rice overflowing in its warehouses, India eased the curbs in September. However, the ban on broken rice exports continues with India using the broken grains for the production of ethanol.\u00a0\u00a0<\/p>\n<\/div>\n<p><a href=\"https:\/\/www.thehindubusinessline.com\/economy\/agri-business\/pakistan-offers-india-stiff-competition-as-global-rice-prices-rise-after-sharp-fall\/article68926975.ece\" class=\"button purchase\" rel=\"nofollow noopener\" target=\"_blank\">Read More<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Home Economy Agri Business Updated &#8211; November 29, 2024 at 05:29 PM. | Chennai Lower freight rates from Pakistan help its exporters; rates rebound on Philippines demand, delay in harvest of new crop Pressure. On export pricing | Photo Credit: TRAVELLINGLIGHT Rice prices in the global market have begun to firm up after dropping over<\/p>\n","protected":false},"author":1,"featured_media":813258,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4568,2733],"tags":[5633,17093],"class_list":{"0":"post-813257","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-offers","8":"category-pakistan","9":"tag-offers","10":"tag-pakistan"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/813257","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=813257"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/813257\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/813258"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=813257"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=813257"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=813257"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}