India suddenly increased taxes by 20%, buyers "under the" million -meter "food on the spot

Recently, in order to ensure the supply of food in the country, India, the world's largest rice export country, announced a 20%export tariff on some rice on the 9th.

According to exclusive reports of Reuters on September 12, five Indian exporters said that because buyers refused to pay 20%of the new export tariffs, the rice loading of Indian ports has stopped, and more than 1 million tons of grain stays in the port.

Reuters reports that India's export ban allows 1 million tons of food to stay in ports, and buyers refuse to pay tariffs

The chairman of the Indian Rice Export Association (AIREA), B.V. Krishna Rao, said: "Tariffs have taken effect from midnight, but the buyer is not ready to pay the tariff. It is divided into two parts. In addition to levying 20%export tax on steamed Valley rice and Indian fragrant rice, it is also prohibited from export of broken rice.

Reuters quoted traders estimated that about 750,000 tons of white rice currently stacked at the port. Forbidden for broken rice. The Indian government allows the broken rice goods to be transferred to customs or ports before the 15th notice, but the loading must be completed by the 15th.

A representative of a global trading company in New Delhi stated that at least 350,000 tons of broken rice stacked in various ports did not meet these standards, and it was impossible to transport goods back to the inland.

People in the industry also believe that India's restrictions are stricter than before. Himanshu Agarwal, Executive Director of India's largest rice exporter Satyam Balajee, said that in the past, in similar circumstances, the Indian government will exempt the contract with credit (LC) and payment guarantees until the policy changes, but this is changed, but this is changing, but this will change, but this will change. The government has no such initiative.

"The profit of the rice business is very small, and the exporter cannot afford a 20%tariff. The government should allow exports to issue goods that have issued credit certificates."

Indian port rice Indian media map

At present, the Indian Rice Export Association has required the government to relax the restrictions on the total 750,000 tons of white rice and 500,000 tons of broken rice transitional goods. But the Indian Ministry of Commerce did not comment on related news. This year, the rainfall of major rice production areas such as Bangladesh, Biba, and North Fangzang in India is lower than the average level, which has caused people to worry about rice production.

In May, India announced the ban on wheat exit. Every month, India exports about 2 million tons of rice and is transported to 150 countries including China, Turkey, Senegal, and the UAE. For some African countries, India is an important shattered rice supply country. These African countries take crushed rice as a staple food.

India accounts for more than 40%of global rice exports, and Indian rice exports last year reached a record 21.5 million tons. People in the industry believe that the reduction of Indian rice exports will increase the upward pressure of food prices, and jointly increase global grain prices with factors such as drought, heat waves and Ukraine crises.

The rice export ban and the new tariff marked the third major measures adopted by India to restrict food exports. People 'concerns about supply and inflation have promoted the introduction of the move. In May this year, India restricted the exports of wheat and sugar because the production of all parts of the country was affected by hot weather. Earlier, India has experienced the hottest March and April for more than 100 years.

Source: Observer.com: Zhao Nuoya

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