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TOP Contents - Tailored for YOU

Italy Rice Brand to Use Environmental Achievements for Better Branding
Feb 19, 2014
Rice growing is becoming more and more attentive to environment friendly policies, a choice that consumers are really appreciating; that's why one of the best known Italian rice brands has recently received a certification of Bilancio Co2=zero (Balance of Co2 production= zero), which will soon appear on its packaging. In a few months, through a code, it will be possible to read on the side of the product its Carbon footprint,,allowing each customer to see the environmental impact of producing each kilogram of rice, from field to table. The Italian company has been in business since 1875, and today its milling plant boasts a biomass power station using rice husks as a fuel; the energy is used for milling rice with any excess energy sold back to the electrical grid. The rice husk ashes are also used as components for insulating materials in iron and steel industry.
Tags: italian rice production
Oryza Rice Currency Analysis for Today Mexico Peso Down 0.7%
Feb 19, 2014
U.S. dollar index was up +0.23% from the open today, when it traded at 80.190 at the close. Euro was weaker -0.17% by the close, trading around 1.3735 by end of day, after trading between an intraday high of 1.3773 and low of 1.3725. Thai baht was weaker -0.29%, trading at 32.585 at the close of business. Indian rupee was unchanged at 62.2200. Brazilian real was +0.09% stronger than the open at todays close, when it ended at 2.3937 reais per dollar. Pakistan rupee was -0.05% weaker at 104.9367. Vietnamese dong was unchanged at 21100. Mexican peso was -0.68% weaker today, when it traded at 13.3321 pesos per dollar by the close of business today. Chinese yuan was weaker -0.15%, trading at 6.0764.
Argentine peso was -0.16% weaker, trading at 7.7806 pesos per dollar.
Tags: foreign exchange rates
Oryza U.S. Rough Rice Recap Little Rice Traded Today As Bids Dip Slightly
Feb 19, 2014
As of today, U.S. old crop paddy offers were seen around $15.55-$16.11 fob farm (about $343-$355 per ton) depending on where they are located and how quickly they could ship.Bids from larger mills decreased slightly today to around $15.30 per cwt (about $337 per ton) while bids for exporters were unchanged near $15.55 per cwt (about $343 per ton), both of which generated very little interest, although smaller mills were still reported to be paying as much as $16.25 per cwt (about $358 per ton) delivered mill.
Tags: U.S. rice prices, U.S. rice market
Rice Acreage in Europe Continues to Shrink, Except in Bulgaria, Greece

Feb 19, 2014
European rice acreage continued its recent downward trend last year, according to official data published by Ente Nazionale risi, Italian National agency for rice. European rice acreage totaled 424,461 hectares in 2013, down about 4% from 442,259 hectares in 2012. EU rice acreage peaked in 2010, when it was 472,165 hectares. The decrease in 2013 is mostly due to lower rice acreage in Italy and Spain (the two biggest producers), down about 8% and 7% respectively. Less rice was planted also in France Portugal, and Hungary, down about 16%, 5%, and 17% respectively, while in Romania and Hungary rice acreage was stable. Acreage increased in Bulgaria and Greece, up 22% and up 17%, respectively.
Tags: European rice production
Oryza Afternoon Recap Chicago Rough Rice Futures Retrace Slightly, Buyers Fail to Follow-through on Yesterdays Rally
Feb 19, 2014
Chicago rough rice futures for March delivery settled 6 cents per cwt (about $1 per ton) lower at $15.795 per cwt (about $348 per ton). Rough rice futures pulled back slightly today following yesterdays rally. The market was unable to test yesterdays higher and thus charted out an inside day. By the close of the session the bears had managed to drag prices back below the upper Bollinger band, which was noted at $15.800 per cwt (about $348 per ton) today. However, firm support was noted slightly lower at $15.790 per cwt (about $348 per ton) provided by the 200-day moving average, a level that ultimately propped up prices on the close. Todays chart formation provides little in the way of a directional forecast, the short term trend points to a continuation of recent gains. Additionally open interest in the nearby contract remains at a relatively large 3,000 lots, a fact that could provide additional support going into the delivery period. The other grains finished the day mixed; soybeans closed about 0.5% lower at $13.5425 per bushel; wheat finished about 1.4% higher at $6.2025 per bushel; and corn finished the day about 1% higher at $4.5475 per bushel.U.S. stocks drifted back into negative territory in volatile trading Wednesday ahead of Fed minutes expected later in the day. The Federal Reserve is scheduled to release minutes from its January meeting at 2pm ET, at which the makers of U.S. monetary policy opted to cut another $10 billion from the central bank's monthly asset purchases. Equities last week notched a second week of gains after Fed Chair Janet Yellen indicated she would continue former Fed Chairman Ben Bernanke's policies. The Dow Jones Industrial Average dipped back into the red after rallying nearly 100 points. The S&P 500 also turned lower. The Nasdaq slipped. The Nasdaq rallied for an eighth-straight session Tuesday, its longest streak since early July. On the economic front, the Commerce Department said housing starts sank 16% to a seasonally adjusted annual rate of 880,000 units. The rate was the lowest since September. It was also the largest percentage drop in three years. The news came a day after home builder sentiment dropped 10 points, according to the National Association of Home Builders' monthly sentiment index, logging its biggest drop in the history of the survey, which started in 1985. US stocks are currently trading marginally lower, gold is trading about 0.3% lower, crude oil is seen trading about 0.6% higher, and the U.S. dollar is seen trading about 0.1% higher at about 1:00pm Chicago time. Tuesday, there were 1,940 contracts traded, up from 920 contracts traded on Friday. Open interest the number of contracts outstanding on Tuesday increased by 105 contracts to 8,057.
Tags: chicago rough rice futures, U.S. rice prices, U.S. rice market
Pakistan High Court to Hear Fresh Case for Basmati Trademark Ownership
Feb 19, 2014
The Sindh High Court (SHC) in Pakistan is today hearing a case to decide whether growers or exporters will be awarded ownership of the basmati trademark.The Basmati Growers Association (BGA), one of the parties fighting for control of the trademark, argues that growers are more attached to the product since they have been growing it since the beginning, whereas exporters only recently began exporting the product. On the other hand, the Rice Exporters Association of Pakistan (REAP) is arguing that the government of Pakistan should be the only one with the power to trademark basmati and they are pursuing the case through the Trade Development Authority of Pakistan.To further complicate matters, the Agricultural and Processed Food Products Export Development Authority (APEDA) of India is also arguing in the case, claiming that a basmati trademark cannot be issued in Pakistan because it is a trademark of India. BGA retorts that India doesnt grow basmati on all 28 locations that are registered in the country and has filed a case at the Delhi High Court to challenge APEDA.While basmati has been grown in areas of whats now India and Pakistan for centuries, this case has also been in the court system for a long time. A judge first heard the case in 2012 and a decision was pending when he was appointed to the Supreme Court. Pakistan law requires that the case be restarted and that a new judge hear the case as a fresh case.
Tags: basmati rice trademark, basmati rice production
USDA NASS to Resume Rice Stocks Report

Feb 19, 2014
The US Department of Agriculture (USDA) announced that the National Agriculture Statistics Service (NASS) will resume publication of its key statistical reports.The reports were halted nearly a year ago due to budget constraints. The Rice Stocks report was previously published in January, March, June, August, and October, but a report has not been published since March 2013. The Rice Stocks report will resume on March 31 2014, and subsequent reports will be published on June 1, August 27, and October 29 this year. The USA Rice Federation pointed out the importance of the June report since the new marketing year commences August 1.
Tags: USDA rice stocks report, US rice stocks
Farmers Shun Certified Seeds Due to Cost-Cutting, as National Register Announces 12 New Varieties
Feb 19, 2014
On January 16, twelve newly developed certified rice varieties entered the National Register of Agricultural Specimens: they are called Lagostino, Megumi, Terra Cl, Furia Cl, Barone Cl, Cigno, Galassia, Generale, Pato, Ecco51Cl, Ecco 61 and Mirko. The total number of Italian available varieties now stands at 206.Most of the new ones, Barone Cl, Cigno, Galassia, Generale and Pato, belong to Long A group, while only Furia Cl is medium; Lagostino, Megumi and Terra Cl belong to round group, and Ecco 51Cl, Ecco 61 and Mirko to Long B. Local sources say that this year there should be no further reduction of Italian rice growing area. They add that many more farmers seem inclined to plant Long A varieties in demand from the domestic market, since at the moment quotations for these varieties are very high - more than double compared to Long B varieties. On February 11 at Milan commodity exchange, Arborio-Volano, (Long A) paddy quotes reached 710 euros (about $ 973) per tons , and Carnaroli (Long A) paddy was shown arong 725 euros (about $ 993) per ton: both of these are perfect for cooking Italys best known rice dish, risotto. On the same day, export varieties such as Long B Thaibonnet were quoted 260 euros (about $ 356) per ton for paddy and round varieties such as Balilla were quoted 265 euros (about $ 363) per ton for paddy.However, farmers are only obligated to use a certain percentage of certified seeds. Local sources tell Oryza that due to the regions economic crisi s, and increased competition from LDCs (Least Developed Countries) under the EBA (Everything But Arms) agreement, many
farmers prefer to use their own seeds instead of certified ones, in order to reduce production costs. This choice can risky both for paddy yield potential and weed control. The first edition of "Rice Seed Day, celebrated by Italian association of seed breeders Assosementi, published on February 13 discussed that breeders will find it difficult to invest in new, potentially more productive seeds if farmers dont buy certified seeds. Thanks to genetic improvement, said Mr Massimo Biloni, coordinator of rice group of Assosementi, "In the past ten years 70 new rice varieties entered the National Register of Agricultural Specimens; in 2013 44% of Italian rice growing area was planted with varieties developed in the previous 5 years, and another 27% was planted with seeds developed in the previous 15 years. However making sure farmers are using the latest seeds is challenging due to rising competition with imported rice and farmers' own cost-reduction policies, especially following the cancellation of CAP (the EUs Common Agricultural Policy). In 2013, 20% of Italian rice growing area was planted with self-produced seed, increasing the risk of paddy fields developing nematode Aphelencoides besseyi.As a result, rice breeders in the EU are pushing for more for support for the rice industry which will better encourage farmers to use certified seeds.
Tags: italy rice production
FERM Urges EU to Continue Direct Payments to Rice Farmers in New Agricultural Policy
Feb 19, 2014
The Federation of European Rice Millers (FERM) says that the EU should continue direct payments for rice farmers under the new Common Agricultural Policy (CAP) 2014 2020 to help secure income of farmers and to protect ecosystems in the EU countries.FERM says that market prices alone cannot compensate rice farmers for the high production costs, and an increasingly market-oriented CAP is associated with significant decreases in rice production. It says, Without adequate financial support, there is an established risk that farmers will obliged to switch to other more profitable crops or, given the physical associated with wetlands, simply abandon agricultural production.FERM says that reduction or replacement of rice could have catastrophic effects for local communities and the immediate environment in the EU. It could leave vast areas of land entirely unsuitable for agriculture, disrupt the water table in wetlands, and significantly increase the risk of floods. This also threatens many species of animals and birds that depend on rice paddies.According to FERM, over 20,000 farms produce rice in the EU countries, with an annual production worth in excess of 700 million (about $960 million). Small-scale farms (less than 20 hectares) account for over 60% of rice production in the EU, and around 65% of rice consumed in Europe is produced within the EU.
Oryza Overnight Recap Chicago Rough Rice Futures Correct Slightly Overnight Following Huge Rally Yesterday
Feb 19, 2014
Chicago rough rice futures for March delivery are currently paused 3.5 cent per cwt (about $1 per ton) lower at $15.820 per cwt (about $349 per ton) as of 8:00am Chicago time. The other grains are seen mostly higher this morning ahead of floor trading in Chicago: soybeans are currently seen marginally lower, wheat was paused about 0.3% higher, and corn is noted about 0.1% higher.U.S. stock index futures dipped on Wednesday ahead of the release of minutes from the latest Federal Reserve meeting and in the wake of disappointing housing data. The minutes, which are from the Fed's January meeting, will be out at 2 p.m. ET. At the meeting, the Fed decided to trim another $10 billion from its monthly bond buying, taking purchases to $65 billion. The meeting was the last for former Fed Chairman Ben Bernanke and new Chair Janet Yellen has since said the Fed expects to continue with tapering. U.S. stocks closed mixed on Tuesday, having resumed trade after Monday's public holiday. The Nasdaq Composite rose for an eighth straight session, while the Dow Jones Industrial Average dipped. U.S. stock index futures are currently trading about 0.3% lower, gold is currently trading about 0.4% lower, crude oil is seen trading about 0.6% higher, and the U.S. dollar is currently trading about 0.1% higher at 8:00am Chicago time.
Tags: chicago rough rice futures
USDA Post Forecasts India MY 2014-15 Rice Production at 104 Million Tons
Feb 19, 2014
The USDA Post in New Delhi projects India's MY 2014-15 (October - September) milled rice production at 104 million tons, about one million tons higher than the estimated 103 million tons in the MY 2013-14. However, it expects that a poor or erratic 2014 monsoon could bring down India's rice production by 10-12 million tons from the forecast level.The USDA estimates Indias total area cultivated under rice at 44 million hectares in 2014-15. The Post estimates India's basmati production to increase to 8.5 million tons, up about 8% from an estimated 7.8 million tons in MY 2013-14. The USDA finds that a timely and well distributed (over space and time) monsoon in 2014 is critical for the MY 2014-15 rice crop.The Post estimates MY 2013-14 rice production at 103 million tons, including 90 million tons from the kharif crop (May - December) and 13 million tons from the rabi crop (January - June). It estimates India's basmati rice production at 7.5 million tons in the MY 2013-14 from 1.8 million hectares compared to a record production of 7.8 million tons from 1.9 million hectares in MY 2011-12. Timely and well distributed 2013 monsoon rains lowered costs of production and supported good yields in the MY 2013-14, according to the USDA. Relatively strong prices in the MY 2013-14 are expected to further augment farmers' returns encouraging them to continue to plant rice in the next season. The Indian rice yields are below the world average according to the USDA. The government introduced Green Revolution Program and other improved technologies in the eastern region comprising the states of Bihar, Chhattisgarh, Jharkhand, eastern Uttar Pradesh, West Bengal, and Odisha. It is also promoting the System of Rice Intensification (SRI) technology in some rice growing states, which requires less water and chemical fertilizer but is labor intensive. The Post estimates total area under hybrid rice in MY 2013-14 to remain at previous year's 1.8 million hectares.
The government's National Food Security Mission had targeted to plant 3 million hectares under hybrid rice by 2011-12.The Post estimates consumption for rice to increase by 3% in MY 2014-15 to 98 million tons from estimated 95 million tons in MY 2013-14 due to expected sufficient domestic supplies and higher sales of government rice through the public distribution system as various states implement the new National Food Security Act. The post finds that strong domestic prices have restrained growth in domestic consumption in the last two years. Domestic prices have been rising since the beginning of MY 2012-13 due to significant hikes in the Minimum Support Price (MSP) for paddy rice and relatively tight domestic supplies. However, prices have started weakening since December 2013 on faltering exports. The Post estimates India's rice exports (both basmati and non-basmati) for MY 2014-15 at 8 million tons due to expected weak international prices and expected lower import demand from Iran. However, the Post expects the exports to be higher than its forecast following depreciation in the value of the Indian rupee or an increase in global prices. The Post estimates the calendar year 2013 exports to touch 10.5 million tons. Based on preliminary official trade and shipping data compiled be a private source, the Post estimates India's MY 201314 exports at 10 million tons. The government-held rice stocks on February 1, 2014 declined by 10.5% to 31.7 million tons compared to 35.4 million tons during same period last year due to relatively weak rice procurement in the ongoing MY 2013-14. The Post estimates the government stocks on October 1, 2014 (MY 2010/11 ending stocks) to decline to 20 million tons, down 13.5% compared to 23.1 million tons on October 1, 2013.
Tags: India rice production, India rice exports
Thailand Caretaker PM Calls Rice Mortgage Program a Success; Asks Banks to Provide Loans for Next Crop
Feb 19, 2014
Thailands caretaker prime minister says that the government rice mortgage program has proven to be a success, and blamed the opposition and banks for delays in payments to rice farmers under the program.The caretaker PM said in a national address this week that the rice mortgage program has met its targets, increased farm income and improved the countrys economy. The PM said she is ready for a probe by the National Anti Corruption Commission (NAAC) and insisted that there was no policy-led corruption in the implementation of the rice mortgage program. The PM blamed the opposition for playing political games with programs that benefit farmers and for blocking the government from making payments to the farmers. She also assured banks that loans are guaranteed under the law, and banks should provide loans to farmers considering high levels of liquidity in the banks.The PM has also asked the Bank for Agriculture and Agricultural Cooperatives (BAAC) to extend the loan payment deadline for another six months and to allow farmers get more loans for the next crop. NonBAAC customers can also avail this benefit, she says.
Tags: Thailand rice mortgage program
India Increases Allocation for Food Subsidy by 25% in 2014-15 to $18.5 Billion
Feb 19, 2014
The Indian government has increased the allocation for food subsidy by 25% to Rs.115,000 crore (around $18.5 billion) for 2014-15, up from an estimated Rs.92,000 crore (around $14.8 million) in 2013-14. The increase in food subsidy allocation is due to the government's commitment to implement the National Food Security Act (NFSA) throughout the country, say government sources. Funds are allocated towards food subsidy to meet the difference between the economic cost of food grains and their sales realization at the Central Issue Price fixed under the public distribution system (PDS) and other welfare schemes. The Food Security Act aims to provide subsidized food grains to 75% of the rural and 50% of the urban population through the PDS. Around six Indian states have so far implemented the National Food Security Scheme and more states are likely to implement the scheme shortly, according to government sources. The Indian government has allocated 61.4 million tons of food grains towards the NFSA implementation in the FY 2013-14. Meanwhile, the Food Corporation of India (FCI) says it is planning to increase inter-state food grain movement for effective implementation of the NFSA. The FCI says that it has to increase the inter-state food grain movement above the initially estimated 36.4 million tons for the FY 2013-14. The inter-state food grain movement up to January 2014 in the FY 2013-14 has already reached 32.2 million tons. It was 34.9 million tons in the FY 2012-13. Increase in inter-state movement helps food grain procuring states, as increased movement of food grains will lead to better evacuation and there by more storage space will be created in such states for fresh procurement.
Tags: India food subsidies, Food Security Act, Food Corporation of India (FCI)
Brazil Paddy Rice Index Declines 2% in Last Week

Feb 19, 2014
The Brazilian paddy rice index maintained by CEPEA stood at around 35.77 real per 50 kilograms as of February 17, 2014, down about 2% from around 36.4 real per 50 kilograms seen on February 10, 2014. In terms of USD per ton, the index stood at around $300 per ton on February 17, 2014, down about 1.4% from around $304.22 per ton recorded a week earlier on
February 10, 2014.

Tags: Brazil CEPEA rice price index
Thailand, Vietnam Rice Sellers Lower Some of Their Quotes Today; Other Asia Rice Quotes Unchanged
Feb 19, 2014
Thailand rice sellers lowered their quotes for 5% broken rice and A1 super broken rice by about $20 per ton and $5 per ton respectively to about $425 - $435 per ton and $310 - $320 per ton respectively today. Vietnam rice sellers lowered their quotes for Jasmine rice by about $10 per ton to about $525 - $535 per ton. Other Asia rice sellers kept their quotes mostly unchanged today. 5% Broken Rice Thai 5% rice (of new crop) is quoted around $425 - $435 per ton, down about $20 per ton from yesterday and about a $30 per ton premium over Viet 5% rice shown around $395 - $405 per ton. Indian 5% rice is quoted around $415 - $425 per ton, about a $20 per ton premium over Pak 5% rice quoted around $395 - $405 per ton. 25% Broken Rice Thai 25% rice (of new crop) is quoted about $390 - $400 per ton, about a $25 per ton premium over Viet 25% rice shown around $365 - $375 per ton. Indian 25% rice is quoted about $360 - $370 per ton, about a $10 per ton premium over Pak 25% rice quoted around $350 - $360 per ton. Parboiled Rice Thai parboiled rice of the old crop is quoted around $460 - $470 per ton. Indian parboiled rice is quoted around $400 - $410 per ton, about $5 per ton discount to Pak parboiled rice quoted around $405 - $415 per ton. 100% Broken Rice Thai broken rice, A1 Super, of the old crop is quoted around $310 - $320 per ton, down about $5 per ton from yesterday and about a $45 per ton discount to Viet broken rice shown around $355 - $365 per ton. Indian broken sortexed rice is quoted about $300 - $310 per ton, about a $20 per ton discount to Pak broken sortexed rice quoted around $320 - $330 per ton.
Tags: Asia rice quotes, India rice quotes, Pakistan rice quotes, Thailand rice quotes, Vietnam rice quotes
Nigeria Loses Millions of Dollars Due to Delay in Implementation of Lower Rice Import Duty, Claims Industry Representative
Feb 19, 2014
The timely implementation of the new reduced duty of $190 per ton on rice imports could have boosted the Nigerian government's revenue by about N50 billion (around $303 million), according to the Rice Millers Importers and Distributors Association of Nigeria (RiMIDAN). The federal government has approved the reduction of the duty on legally imported rice from $570 per ton to $190 per ton within the stipulated time of two months to reduce smuggled rice entering into the country through the Benin border. The decision was taken in November 2013 to ensure that Christmas rice imports were done legally through the Nigerian ports by lowering the Nigerian duties that were closer to Benin's duties of $200 per ton. However, the new duty has not been implemented so far, according to the Secretary-General of RiMIDAN. He says that many of the RiMIDAN members had ordered rice based on the government's decision to lower import duty, but the rice is stranded in the sea waiting for the government to implement the new duty. Around 20 vessels are waiting in the seas for approval, he says. The RiMIDAN Secretary-General adds that less than 100,000 tons of rice was legally imported into Nigeria in 2013, and the timely implementation of lower duties could have earned the government a revenue of about N50 billion (around $303 million) so far. Meanwhile, the decision by Benin to reduce duty on rice to the current levels is attractive to many importers to offload their stocks in Benin and bring them into Nigeria through land borders. Nearly 3 million tons of parboiled rice entered Nigeria through Benin in 2013, which led to the Nigerian government losing about N300 billion (around $1.8 billion) in revenue from import duties, says the RiMIDAN Secretary-General.
Tags: nigeria rice imports, Rice smuggling, Benin rice
Oryza Global Rice Quotes

February 19th, 2014
Long grain white rice - high quality Thailand 100% B grade 440-450 Vietnam 5% broken 395-405 India 5% broken 415-425 Pakistan 5% broken 395-405 Cambodia 5% broken 450-460 U.S. 4% broken 575-585 Uruguay 5% broken 625-635 Argentina 5% broken 625-635 Long grain white rice - low quality Thailand 25% broken 390-400 Vietnam 25% broken 365-375 Pakistan 25% broken 350-360 Cambodia 25% broken 420-430 India 25% broken 360-370
U.S. 15% broken
550-560
Long grain parboiled rice Thailand parboiled 100% stxd 460-470 Pakistan parboiled 5% broken stxd 405-415 India parboiled 5% broken stxd 400-410 U.S. parboiled 4% broken 660-670 Brazil parboiled 5% broken 590-600 Uruguay parboiled 5% broken NQ Long grain fragrant rice Thailand Hommali 92% 945-955 Vietnam Jasmine 525-535 India basmati 2% broken 1515 -1525 Pakistan basmati 2% broken NQ Cambodia Phka Malis 890-900 Brokens Thailand A1 Super 310-320 Vietnam 100% broken 355-365 Pakistan 100% broken stxd 320-320 Cambodia A1 Super 365-375 India 100% Broken stxd 300-310 Egypt medium grain brokens NQ U.S. pet food 470-480 Brazil half grain 345-355 Medium grain milled U.S. Calrose 4% broken Egypt medium grain 6%
620-630 NQ
All prices USD per ton, FOB vessel, oryza.com
Rice Worth $1.96 Billion Was Smuggled Into Philippines in 1986-2009, Finds Study
Feb 19, 2014
A study by the Philippines Department of Agriculture-Bureau of Agricultural Research (DA-BAR) and the government-hosted Southeast Asian Regional Center for Graduate Study and Research in Agriculture (SEARCA) says that milled rice worth around $1.96 billion was smuggled into the Philippines between 1986 and 2009 partly due to outdated government policies.The study, "An Assessment of Smuggling of Selected
Agricultural Commodities in the Philippines," found that milled rice, beef, refined sugar, pork and chicken meat were the top five items illegally traded during 1986-2009. While the estimated value of milled rice smuggled into the country totaled $1.96 billion, that of refined sugar was $448.2 million, that of beef was $428.8 million, that of onion was $259.55 million and that of pork was $117.45 million.The study found that the illegal trade in rice, which was around $6 billion a year in 1986, grew by above 50% to around $10 billion a year in 2009. The study says that the government's import procedures and policies are so outdated that the smugglers could easily circumvent them.The study recommends the rationalization of the Bureau of customs' (BOC) regulatory and revenue collection functions as in Singapore and Indonesia (which are said to have successful anti-smuggling policies). The study also recommends that the penalties against the smugglers should be increased from the current 2.5 times the value of smuggled commodities and scrap variable tariff rates with uniform ones. The study found that the BOC has lost revenue to the extent of at least $23 billion in smuggling through trade mis-invoicing due to variable tariff rates since 1990. It also states that Food Safety, Revenue and Trade Coordinating Council could be created to address the lack of coordination, and infrastructure as well as the breakdown of communication between the regulatory authorities.
Tags: Philippines rice smuggling
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20th Feb.

Chinese COLOR SORTER as low as

Be the part of Rice plus authors Visit: www.ricepluss.com,www.publishpk.net mujahid.riceplus@gmail.com riceplus@irp.edu.pk

TOP Contents - Tailored for YOU

Rice Acreage in Europe Continues to Shrink, Except in Bulgaria, Greece

Tags: European rice production

USDA NASS to Resume Rice Stocks Report

Feb 19, 2014

Brazil Paddy Rice Index Declines 2% in Last Week

February 10, 2014.

Oryza Global Rice Quotes

U.S. 15% broken

All prices USD per ton, FOB vessel, oryza.com

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