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Vietnam buys Indian rice for first time in decades
Why is it in news?
- Vietnam has started buying the grain from rival India for the first time in decades after local prices jumped to their highest in nine years amid limited domestic supplies.
Details:
- Vietnam is world’s third biggest exporter of rice. India is biggest exporter of the grain.
- The purchases underscore tightening supplies in Asia, which could lift rice prices in 2021.
- The high price could even force traditional buyers of rice from Thailand and Vietnam to switch to India.
- Indian prices are very attractive. The huge price difference is making exports possible.
- In 2020 India exported a record 14 million tonnes of rice.