India Tightens Rice Exports In Threat To Global Food Prices gcaptain.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gcaptain.com Daily Mail and Mail on Sunday newspapers.
The government levied a 20 per cent export tax on parboiled rice with immediate effect, which means India has now restricted overseas sales of all non-basmati varieties.
SINGAPORE (Reuters) -Vietnamese exporters have renegotiated higher prices for around half a million metric tons of rice, two trade sources said, as global prices climbed to 15-year highs following India's ban on overseas sales last month. This is the first confirmation of rice prices climbing in the wake of India's surprise ban, with importers paying more for one of the world's most widely consumed staples amid tightening supplies. Asian rice exporters had raised offered prices by around 20% since India banned non-basmati white rice exports last month, heightening food inflation risks for some of the most vulnerable consumers in Asia and Africa who are already struggling with lower supplies due to erratic weather and the war in Ukraine.
The export ban on non-basmati rice is expected to aid basmati producers through higher realisation and lower working capital requirements, says Ind-Ra.
India Rice Export: The export ban on non-basmati rice is expected to aid basmati producers through higher realisation and lower working capital requirements, says Ind-Ra.