2023-08-05 17:50:00
Global rice prices hit 12-year high following India’s export ban. According to data from the United Nations Food and Agricultural Organization, the rice price index rose 2.8 percent in July compared to the previous month. This is 20 percent higher than the same time last year. This is the highest price since September 2011.
India’s ban on rice exports has also led to price hikes internationally. After the increase in demand, adverse weather conditions in some of the leading rice producing countries also affected the supply chain. India accounts for 40 percent of the world’s marginal exports.
Last month, India imposed a ban on the export of white rice other than Basmati. The ban will affect 80 percent of the country’s marginal exports. The action was part of controlling rice prices in the country. Rice and related food products are the staple food of billions of people in the world. Concerns have been raised that the rapid increase in prices will affect food security in many countries. Organizations including the IMF have shared this. NRI families in foreign countries are also worried about India’s decision.
India has exported 64 lakh tonnes of non-basmati rice and 45 lakh tonnes of basmati rice in FY 2022-23. 78 lakh tonnes of wormwood was also exported. So far, 15.54 lakh tonnes of rice has been exported from the country in the current financial year. It was 11.55 lakh tonnes at the same time last year. The increase in exports is 35 percent.
More than 140 countries buy non-basmati rice from India. Nepal, Bangladesh, African countries like Madagascar, Benin, Kenya, Ivory Coast, Malaysia, Vietnam and UAE in Asia may be affected by India’s decision. Thailand, Vietnam, Cambodia and Pakistan are also rice exporters.
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