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India’s rice export restrictions may last until 2024

Nov 28th, 2023

India's rice export restrictions may last until 2024

India, the world's top rice exporter, may continue to restrict rice export sales next year. The decision could push rice prices close to their highest levels since 

the 2008 food crisis.

India has accounted for nearly 40% of global rice exports over the past decade, but under Prime Minister Narendra Modi, the country has been tightening 

exports to control rising domestic prices and protect India consumer.

Sonal Varma, chief economist for India and Asia at Nomura Holdings Inc., pointed out that export restrictions will continue as long as domestic rice prices 

face upward pressure. Even after the upcoming election, these measures are likely to be extended if domestic rice prices do not stabilize.

To curb exports, India has adopted measures such as export tariffs, minimum prices and restrictions on certain rice varieties. This caused international rice 

prices to surge to a 15-year high in August, leaving importing countries hesitant. According to statistics from the Food and Agriculture Organization of the 

United Nations, rice prices in October were still 24% higher than the same period last year.

Krishna Rao, president of the Indian Rice Exporters Association, said the government is likely to maintain export restrictions ahead of the upcoming polls to 

ensure adequate domestic supplies and control rising prices.

El Niño usually adversely affects crops in Asia, and its arrival this year could further tighten global rice markets, adding to concerns. Thailand, the second 

largest rice exporter, is expected to see a 6% drop in rice production in 2023/24 due to dry weather.