Vietnam, Philippines to sign rice pact as global prices soar

awwwyissss, 8 months ago

Thanks to the Kremlin.

livus, 8 months ago

This is because of India (a major rice exporter) banning rice exports to ensure domestic supply, production shortages in Thailand, and poor yield forecasts because of El Niño and climate issues.

Here's an earlier article on India's rice curbs, and here is an explainer on the rice shortage.

awwwyissss, 8 months ago

Agreed, and why did India ban exports? Cascading effects from the pandemic, fuel prices, climate change, and the Kremlin’s invasion of Ukraine along with it’s intentional blockade of food exports.

livus, 8 months ago

The rice saga continues...

livus, 8 months ago

From the article:

"Just having that as an assurance will stabilise the situation, not only for the Philippines, but for all of us in the region," Marcos told Chinh, according to a statement issued by his office.

Vietnam was the world's third-largest rice exporter last year after India and Thailand, and the Philippines is its largest buyer, filling nearly 90% of its import needs.

Marcos, who is also Philippine agriculture secretary, welcomed the neighbouring nation's offer of a five-year supply deal.

This week the Philippines began enforcing price ceilings for rice, to protect consumers against what it called widespread price manipulation by traders in league with industry cartels.

Global rice prices surged to 15-year highs after India, which accounts for more than 40% of global trade, ordered a halt in July to its largest category of exports, in a bid to calm domestic prices.