Rice may surge further globally on Indian export curbs, supply shortage
India’s restrictions on shipments have resulted in 2 million tonnes shortfall; carryover stocks may drop by 5 million tonnes.
India’s curbs on rice exports, including the ban on broken and white rice, have led to a two million tonnes (mt) supply shortfall in the global market. With global carryover stocks projected to drop by 5-8 mt, prices of the cereal will likely be volatile, say experts and analysts. “India’s withdrawal of supply of rice (through ban on white rice) since August 25 is 4.67 mt. Other rice exporting nations chipped with an additional supply of 2 mt in the market, leaving a demand-supply gap of 2 mt,” said S Chandrasekaran, a Delhi-based trade analyst.
Despite the curbs, India will emerge as the top exporter of rice in 2023-24 (August 2023-July 2024), said the International Grains Council.
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