Global rice prices dropped on Monday after India, the world’s largest rice exporter, resumed exports, increasing global supply and offering relief to poorer buyers in Asia and Africa.
Exporters noted that the decision to allow non-basmati white rice exports, announced on Saturday, came shortly after India reduced export duties on parboiled rice to 10%. This move was supported by expectations of a fresh crop and rising stocks in state warehouses.
According to Himanshu Agarwal, executive director of Satyam Balajee, by this announcement of India, rice exporters in Thailand, Vietnam, and Pakistan have started lowering their prices to remain competitive. He explained that each supplier is adjusting prices to maintain their position in the global market.
Global rice prices had surged to a 15-year high after India banned the export of white rice and imposed a 20% export duty on parboiled rice last year.
The recent policy changes are expected to ease pressure on prices, providing more affordable rice options for buyers in countries that depend heavily on imports.
