Philippine’s new step of reducing custom duty can help India’s rice export.
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The Philippines has reduced export duty on rice; therefore, rice supplies can get support. Due to this step of the Philippines, India’s exporters can get a good chance of exporting their rice to North-East countries.
According to reports, duty has been reduced from 40% to 35%. The Indian exporters were paying 50% import duty to the Philippines, forcing the Philippines government to make some decisions on their customs duty for a long time. Other supplier countries like Thailand and Vietnam were also facing the same problems regarding the duties.
The Philippines’ annual rice volume is about 25 lakh tons, and the volume of good quality rice is 20 lakh tons, and for the poor quality, it is ab to 5 lakh tons. Vietnam and Thailand are the largest rice supplier in the Philippines. Due to the higher cost of Indian Basmati rice, it isn’t sold much in the Philippines. Indian Basmati prices are estimated between 1000-1200 USD/MT, while Thai rice variety is about 700 USD/ MT.