Opportunities|India restricts rice exports, Cambodian rice catches up or can seize the market


[INNEWS comprehensive report] On August 29, Chan Sokheang, chairman of the Cambodian Rice Federation, said that India, as the world’s largest rice exporter, restricts the export of broken rice and other types of rice, including restrictions on the export of wheat and sugar and grain storage. It’s an opportunity.
He explained that India’s restrictions on rice exports are an opportunity for Cambodia to capture more market share. At the same time, it is a good opportunity for Cambodia as a rice exporter, because when the demand increases, the suppliers will decrease, it is time to occupy more market share, and at the same time, it also needs to strengthen itself, especially To maintain the quality of the rice will enjoy the reputation of the best rice.

According to reports, the Indian government plans to set the price of basmati rice at $1,200 per ton to prevent smuggling of prohibited rice. However, some cases sold for as little as $359 a tonne, well below the month’s average export price of $1,214. The government will take action after the contract price is determined and found to be selling for less than $1,200 per tonne.

Previously, India imposed a 20% tariff on brown rice exports on August 25, and the brown rice export tax was valid until October 15, 2023. Meanwhile, neighboring Vietnam, which has been a major trader of Cambodian rice, has been paying higher prices than usual this year to buy rice from Cambodia. Vietnam has stockpiled a large amount of rice, which can be used both internally and exported. Although Vietnam is the third largest rice exporter in the world, Vietnam also imports rice from other countries for consumption areas.

Yang Saing Koma, secretary of state at Cambodia’s Ministry of Agriculture, Forestry and Fisheries, said India’s restrictions on rice exports are good for Cambodia because Cambodia has good food security and is also a rice exporter. Although food security problems have emerged in some countries after India suspended rice exports, Cambodia has not faced any problems, but instead gave Cambodia opportunities.

The Ministry of Agriculture and the Rice Federation have been working hard to work with farmers and factories to promote Cambodian rice exports. As well as going to the global market as planned, Cambodian rice will make more contributions to global food security. According to the report of the Cambodian Rice Federation, in the first seven months of 2023, Cambodia exported 362,798 tons of rice, targeting 52 countries around the world, accounting for 52% of the planned 700,000 tons.