Malaysia’s purchases would help trim rice stockpiles in India, the world’s biggest exporter of the commodity. “After a long time, Malaysia is making substantial purchases from India,” B.V. Krishna Rao, president of India’s Rice Exporters Association, told Reuters. India is now offering white rice for around $390-$400 per tonne compared with more than $450 for other countries, exporters said. “That is making buying lucrative from India,” said Nitin Gupta, vice president of trading company Olam India’s rice business. The rice deals come against the backdrop of a massive jump in recent imports by Malaysia of other commodities such as sugar from India, the biggest buyer of Malaysian palm oil.

Source: Dhaka Tribune May 15, 2020 11:15 UTC