The development comes amid the growing tensions between two countries at LAC in eastern Ladakh, where both have been locked in a stand-off for several months.
According to the report by news agency Reuters, China has started importing Indian rice for the first time in at least three decades due to tightening supplies and an offer from India of sharply discounted prices.
China is the biggest importer of rice, whereas India is the world’s biggest exporter of the crop. The neighbouring country imports around 4 million tonnes of rice annually, however, it had avoided purchases from India citing quality issues.
The development comes amid the growing tensions between two countries at LAC in eastern Ladakh, where both have been locked in a stand-off for several months.
“For the first time China has made rice purchases. They may increase buying next year after seeing the quality of Indian crop,” B.V. Krishna Rao, the president of the Rice Exporters Association, was quoted as saying by news agency Reuters.
The contract locked by traders is to export 100,000 tonnes of broken rice for Dec-February shipments at around $300 per tonne, industry officials told.
Thailand, Vietnam, Myanmar and Pakistan are China’s traditional suppliers, however, the countries have limited surplus supplies for export and were quoting at least $30 per tonne more compared with Indian prices, the rice trade officials have said.
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