HANOI (Commodity Online): The top rice exporters in Vietnam and Thailand are facing high competition from India. Even though Vietnam lowered the floor price of its rice exports still the price is high compared to Indian rice in the global market.
Vietnam had lowered the benchmark price of rice containing 5% broken grains by 3% to $485 a ton and the country plans to export 7 million tons of rice in 2012.
Meanwhile, due to recent floods in Thailand has affected the rice production of the country and the government has raised the Minimum Export Price (MEP) to reduce exports to meet the internal demand which forced the buyers to find new sellers.
Presently, India is the only active trader as the price offered is much below other nations.
India is likely to produce around 102 million tons of rice and domestic consumption accounts for 90-95 million tons and the surplus produce would be exported .
The country was offering common white rice grades at $415-$435 a ton, the week ended 7th of January.
