Covid-19: rice prices surge to 7-year high due to stockpiling

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Covid-19: rice prices surge to 7-year high due to stockpiling

Apr 08, 2020 15:27 IST

The prices of rice have hit a 7-year high due to the coronavirus outbreak as importers rush to stockpile the grain while exporters curb shipments. According to the Thai Rice Exporters Association, price of the industry benchmark rose 12% from March 25 to April 1. The rise in prices is due to expectations of higher demand for Thai rice after fellow top exporters - India and Vietnam -- face export disruptions. In India, rice traders have stopped signing new export contracts as labour shortages and logistical disruptions hamper the delivery of existing contracts, Reuters reported, citing industry officials.

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