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India may surpass Thailand in rice exports for 2011-12

Wednesday, 22 February 2012 | 12:37
On the back of the Thai government's high support price to farmers, the price of the non-basmati rice swelled to $660 tons making it non-competitive in the global market, making way for India to become the top rice exporter in 2011-12.
During October 2011 -January 2012, India exported around 2.3 million tons of non-basmati rice whiel Thailand was only able to export 2 million tons.
The low price of Indian variety had turned the global buyers towards India. Rice from India costs around $500-$530 per ton while, Thai rice is pegged at $660 per ton.
India has also raised the export of rice under the Open General Licence (OGL) from 2 million tons to 4 million tons on the back of record production of rice in the country.
India is expected to produce around 102.75 million tons of non-basmati rice for 2011-12.
Source: Commodity Online
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