Global Rice Prices Fall As India Lifts Export Ban
India has lifted its year-long ban on select rice exports, causing global prices to drop and reshaping supply dynamics across Asia and Africa. The move marks a shift from protectionism to export-driven growth. The 2023 ban had spiked prices and boosted rivals like Thailand and Vietnam. Now, markets are adjusting to India’s return.
Global rice markets have seen an immediate shift as India, the world’s largest rice exporter, lifted its year-long export ban on select varieties, triggering a swift decline in international prices and reshuffling the balance of supply and demand across Asia, Africa, and beyond.
The move signals a significant reversal of New Delhi’s protectionist stance on food policy and underscores the government’s renewed focus on leveraging agricultural exports to drive economic gains.
In mid-2023, amid rising domestic food inflation and electoral pressure, India imposed restrictions on a range of rice exports, including non-basmati white rice and broken rice—categories that make up a large share of shipments to lower-income importing countries. The government justified the ban as a necessary step to maintain food security and contain price spikes.
The result was immediate: global rice prices surged, import-dependent countries scrambled for alternative suppliers, and India’s rivals—particularly Thailand and Vietnam—saw their market share expand.
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Source : Commersant
