KUALA LUMPUR, Aug 27 The clock is ticking for Malaysia as it braces for the possible impact of India’s non-basmati rice export ban, and if left unchecked, experts believe.
As in any crisis situation - think bottled water and toilet paper- some rushed to supermarkets to stock up, stacking carts with bags and bags of rice. In some places, lines formed outside some stores as panic buying ensued.
After India banned exports of non-basmati rice to cool local prices, buyers have requested early shipments of basmati rice, according to industry officials. They are fearful that the government may halt basmati exports too. The industry has assured buyers that the government has no plans for a ban but some remain wary.
India s decision to ban the export of many varieties of rice has led to fears that food inflation will rise and that countries in the Global South will be most affected due to already high debt levels and inflated food and fuel bills. The ban by the world s biggest rice exporter has brought chaos to global food markets with repercussions felt even in richer countries, including the US where consumers are hoarding Indian varieties of rice.