MUMBAI : India's restrictions on rice exports have paralysed trading in Asia, with buyers scouring for alternative supplies from Vietnam, Thailand and Myanmar where seller are holding off on deals as prices rise, industry officials said.
"Rice trading is paralysed across Asia. Traders don't want to commit anything in a hurry," said Himanshu Agarwal, executive director at Satyam Balajee, India's biggest rice exporter. India's rice exports reached a record 21.5 million tonnes in 2021, more than the combined shipments of the world's next four biggest exporters of the grain: Thailand, Vietnam, Pakistan and the United States.Rice loading has stopped at Indian ports and nearly one million tonnes of grain are trapped there as buyers refuse to pay the government's new 20 per cent export levy on top of the agreed contract price.
But even these suppliers are reluctant to rush for contracts as they are expecting prices to strengthen.Vietnam's 5 per cent broken rice was offered at $410 per tonne on Monday, up from $390-$393 per tonne last week, traders said.
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