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E.U. considers imposing tariffs on rice imported from Myanmar and Cambodia

08 / 11 / 2018

E.U. considers imposing tariffs on rice imported from Myanmar and Cambodia

The LRI understands that the E.U. Commission will ask E.U. member states to vote on whether to impose tariffs on long grain rice imports from Cambodia and Myanmar in December; this is to support...

Cambodia and Myanmar’s EBA status update

07 / 11 / 2018

Cambodia and Myanmar’s EBA status update

The E.U. Commission has started proceedings to remove Cambodia and Myanmar’s Everything But Arms (EBA) status, which allows both countries to export rice to the E.U. duty free. The Commission has...

U.S. reimposes economic sanctions on Iran

05 / 11 / 2018

U.S. reimposes economic sanctions on Iran

The U.S. government reimposed further economic sanctions on Iran yesterday (4 November). U.S. President Trump has cited alleged cyber attacks, ballistic missile tests and support for violent...

Saudi Arabia to provide Pakistan with US $6 billion worth of financial aid

24 / 10 / 2018

Saudi Arabia to provide Pakistan with US $6 billion worth of financial aid

Saudi Arabia has signed an agreement to give Pakistan US $3 billion to boost the country’s foreign currency reserves amid its ongoing economic crisis, according to reports. Saudi Arabia will also...

Saudi Arabia Maximum Residue Limits update

09 / 10 / 2018

Saudi Arabia Maximum Residue Limits update

The Saudi Food and Drug Authority (SFDA) is not expected to adopt the E.U.’s Maximum Residue Limits (MRLs) for pesticide levels in rice imports, according to reports. A delegation from the All...

Egypt domestic supply update

03 / 10 / 2018

Egypt domestic supply update

According to market participants, the Egyptian government has only purchased 7,000 – 8,000 MTS of the freshly harvested paddy due to its uncompetitive purchase prices. Private millers are...

State Bank of Pakistan raises interest rates by 100 basis points

01 / 10 / 2018

State Bank of Pakistan raises interest rates by 100 basis points

The State Bank of Pakistan raised its interest rates by 100 basis points on Saturday (29 September) to 8.5%, according to reports. This is the highest level in three years, with rising inflation...

Costa Rica imposes new tariff for brown rice imports

26 / 09 / 2018

Costa Rica imposes new tariff for brown rice imports

The Costa Rican government imposed an additional 11.67% tariff on brown rice imports exceeding 6,367 MTS on 21 September, according to Conarroz. Brown rice imports totalling 6,367 MTS or less carry...

Mexico update

21 / 09 / 2018

Mexico update

The USDA has lowered its forecast for Mexican milled rice production in the 2018/19 marketing year (October – September) by 7% to 164,000 MTS, which represents a 10.4% year-on-year decrease....

Philippines update

20 / 09 / 2018

Philippines update

The USDA has lowered its estimate for the Philippines’ milled rice production in the 2017/18 marketing year (July – June) to 12.24 million MTS, up by 4.7% year-on-year. Production in Q2...

Japan update

20 / 09 / 2018

Japan update

The USDA has forecast Japan’s milled rice production in the 2018/19 marketing year (November – October) at 7.7 million MTS, down by 1.12% year-on-year. Field yields were forecast to be...

Venezuela economy update

21 / 08 / 2018

Venezuela economy update

The Venezuelan government devalued the Bolívar by 95% yesterday (20 August) in an attempt to curb the country’s hyperinflation, according to local reports. It has also issued new...

Argentina’s Peso depreciates against U.S. Dollar

14 / 08 / 2018

Argentina’s Peso depreciates against U.S. Dollar

According to reports, Argentina’s Central Bank has raised interest rates from 40% to 45% in reaction to the Peso depreciating by 2.4% against the U.S. Dollar on Monday (13 August), with...

Japan exports update

14 / 08 / 2018

Japan exports update

According to local reports, Japan exported 11,841 MTS of milled rice in 2017, up from 940 MTS in 2007; these exports are valued at YEN 3.2 billion (US $28.8 million). Hong Kong imported the largest...

Turkey’s Lira depreciates against U.S. Dollar

13 / 08 / 2018

Turkey’s Lira depreciates against U.S. Dollar

The Turkish Lira has depreciated by more than 40% so far this year to TRY 6.87 against the U.S. Dollar as of UTC 09:00 today. According to reports, the Lira has fallen particularly sharply since...

Rice farmers’ strike cancelled in Peru’s San Martín Region

30 / 07 / 2018

Rice farmers’ strike cancelled in Peru’s San Martín Region

According to local reports, rice farmers in Peru’s San Martín Region cancelled a regional strike before it was due to begin on 27 July. The Minister of Agriculture is expected to meet...

Thai rice industry to receive support from government

25 / 07 / 2018

Thai rice industry to receive support from government

According to local reports, the Thai government has approved financial support worth THB 97.95 billion (US $2.94 billion) for the rice industry. Of this total, THB 35.06 billion (US $1.05 billion)...

India monsoon, Kharif crop planting and MSP updates

09 / 07 / 2018

India monsoon, Kharif crop planting and MSP updates

Cumulative rainfall in India since the start of the monsoon season on 1 June is estimated at 8% below average, according to reports. This has caused delays to Kharif crop paddy planting, which...

Indian government raises MSPs for 2018/19 Kharif crop paddy

06 / 07 / 2018

Indian government raises MSPs for 2018/19 Kharif crop paddy

The Indian government has announced its Minimum Support Price (MSP) for Kharif crop paddy in the 2018/19 financial year, with reports suggesting a 12.9% year-on-year increase for regular paddy from...

Banks in Bangladesh to implement LC margins

27 / 06 / 2018

Banks in Bangladesh to implement LC margins

Bangladesh’s central bank, Bangladesh Bank (BB), has instructed banks countrywide to implement margins for opening letters of credit (LC) for rice imports, according to reports. In H2 2017,...