Global rice prices surge 15-year high after India bans exports: Report

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AFP | | Posted by Neha Yadav

International rice costs reached a 15-year excessive in August after prime exporter India banned some abroad gross sales of the grain, the Meals and Agriculture Group stated on Friday.

Representational image(HT File Photo)
Representational picture(HT File Photograph)

Whereas world meals costs eased in August, these of rice rose 9.8 % in comparison with the earlier month, “reflecting commerce disruptions within the aftermath of a ban on Indica white rice exports by India”, the FAO stated in a month-to-month report.

“Uncertainty in regards to the ban’s length and considerations over export restrictions triggered supply-chain actors to carry on to shares, re-negotiate contracts or cease making worth provides, thereby limiting most commerce to small volumes and beforehand concluded gross sales,” it stated.

Rice is a serious world meals staple and costs on worldwide markets have soared within the wake of the Covid pandemic, the conflict in Ukraine and the impression of the El Nino climate phenomenon on manufacturing ranges.

India introduced in July a ban on exports of non-basmati white rice, which accounts for round 1 / 4 of its complete.

The buyer affairs and meals ministry stated on the time that the transfer would “guarantee sufficient availability” and “allay the rise in costs within the home market”.

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