Global rice prices dropped on Monday after India, the top rice exporter, allowed the resumption of non-basmati white rice exports, easing supply pressures for buyers across Asia and Africa. This decision came after India reduced its export duty on parboiled rice to 10%, following expectations of a new crop and sufficient reserves in state warehouses.
Exporters from key rice-producing countries like Thailand, Vietnam, and Pakistan have reacted by lowering their prices to remain competitive in the global market. Himanshu Agarwal, executive director at Satyam Balajee, one of India’s leading rice exporters, noted, “Everyone’s trying to stay competitive to hold their spot in the market.”
Rice prices had surged to a 15-year high after India’s previous ban on white rice exports and the imposition of a 20% duty on parboiled rice last year. The recent policy changes are now expected to stabilize the market and make rice more affordable, especially for low-income countries dependent on imports.
