China begins import of rice from India for first time in three decades
Indian traders have contracted to export 100,000 tonnes of broken rice for Dec-February shipments at around $300 per tonne on a free-on-board (FOB) basis, industry officials said.
China has begun importing Indian rice for the first time in at least three decades due to tightening supplies from Thailand, Myanmar, and Vietnam and an offer of sharply discounted prices, Indian industry officials said.
India is the world`s biggest rice exporter and China the biggest importer. Beijing buys in around 4 million tonnes a year but has avoided purchases from India, citing quality issues. The rice imports come despite political tensions over a border dispute in the Himalayas which erupted into a clash in June in which 20 Indian soldiers were killed.India has since tightened rules for investments from China and banned dozens of Chinese mobile apps, including from tech giants Tencent, Alibaba, and ByteDance.
Although the public mood in India has been anti-China, the country has remained engaged with Indian businesses. “For the first time, China has made rice purchases. They may increase buying next year after seeing the quality of Indian crop,” B.V. Krishna Rao, president of the Rice Exporters Association, told Reuters on Wednesday.