Islamabad: Rice prices slightly declined globally in June compared to May amid comparatively a weak demand, says Food and Agriculture Organisation (FAO) of the UN in its latest report. But the average price decline in the globe could hardly benefit the importing countries like Bangladesh as price of the variety like ‘Indica’ has even increased in India during the period, states the report. The FAO All Rice Price Index (2014-2016=100) averaged 126.2 points in June 2023, down 1.2 per cent from May. But the price is still 13.9 per cent above its year-earlier level, mentions the report published on Friday. The FAO monthly report on rice market says prices fell in all the market segments in June, since demand was generally weak or it was confined to a few buyers, as was the case for Indica variety. Indica is consumed by the South and South East Asian nations as well as by the expatriates of the regions across the world. Web Desk
Indica prices fell by 0.6 per cent globally while its June exports prices were mixed in the major Asian origins.
In Pakistan it declined but in India prices sprang 5.0-7.0 per cent above their May levels, sustained by public domestic procurement and influenced by a slow start to Kharif crop (summer) plantings.
India’s deal with Indonesia to export 1.0 million tonnes of Indian rice to the country might have provided an additional boost to market sentiment in the country, says FAO.
However, Indian export prices for suitable Indica variety were US$ 383-$431 a tonne and Pakistani/Vietnamese varieties $441-$ 486 a tonne in June.
