GG News Bureau
New Delhi, 29th Sept. India has lifted most of the export restrictions on rice shipments that were imposed in 2023, effective immediately. The decision follows predictions of above-average monsoon rains, which are expected to boost crop yields, while state granaries remain well-stocked.
Here’s a look at India’s crucial role in the global rice trade:
- In 2022, India accounted for over 40% of the world’s rice exports, shipping a record 22.2 million metric tons out of the global total of 55.4 million.
- India’s rice exports exceeded the combined total of the next four largest exporters: Thailand, Vietnam, Pakistan, and the United States.
- India exports rice to more than 140 countries. Major buyers of non-basmati rice include Benin, Bangladesh, Angola, Cameroon, Djibouti, Guinea, Ivory Coast, Kenya, and Nepal.
- Iran, Iraq, and Saudi Arabia primarily import premium basmati rice from India.
- Restrictions imposed in 2023 reduced India’s rice exports by 20%, bringing shipments down to 17.8 million tons. Additionally, exports in the first seven months of 2024 saw a decline of 25% compared to the previous year.
- As a result of these curbs, Asian and African buyers shifted to suppliers like Thailand, Vietnam, Pakistan, and Myanmar, driving export prices in those countries to a 15-year high due to the increased demand and limited supply.
With the easing of restrictions, global rice markets are expected to stabilize, offering relief to countries dependent on India’s vast rice exports.
The post India Lifts Major Rice Export Curbs Amid Optimistic Crop Outlook appeared first on Global Governance News- Asia's First Bilingual News portal for Global News and Updates.
