IN view of the strong demand from Indonesia and African countries, the International Grains Council (IGC) recently jacked up its forecast on India’s rice exports by 4.7 per cent to a five-year high of 4.5 million tonnes for the current marketing year, which commenced from October 1.
Despite the expected rise in exports, IGC also revised its forecast upwards by 10 per cent for India’s closing stocks on September 30, 2012 to 22.2 million tonnes, as against the previous estimate of 21.9 million tonnes, on account of the likely record production of 101 million tonnes.
IGC has estimated the country’s rice production to surge by 6 per cent this year. In terms of price, Indian rice is presently about $ 200 a tonne cheaper than that of Thailand where a government procurement programme resulted in pushing up the prices.
Source : Exim News Service - SINGAPORE, Nov. 27
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