Global rice prices hit 15-year high after India ban

In its monthly report released today, September 8, FAO said that while global food prices fell in August, rice prices rose 9.8% compared to the previous month, "reflecting trade disruptions following India's rice export ban," according to AFP.

"Uncertainty about the duration of the ban and concerns about export restrictions have led supply chain actors to hold stocks, renegotiate contracts or suspend bidding, limiting most transactions to small volumes and previously concluded deals," FAO said.

India is the world's largest rice exporter, with an average output of over 20 million tons per year; accounting for over 40% of the global rice supply. This country also has the world's leading welfare rice reserve, distributing free rice to the poor.

Global rice supplies tighten after India's export ban

In July, India announced a ban on exports of non-basmati white rice, which accounts for about a quarter of the country's total rice production.

Data analytics firm Gro Intelligence warned in a report in July that the ban is expected to impact African countries, Türkiye, Syria and Pakistan, which are already struggling with high inflation, according to AFP.

Rice is a staple food in the world and prices on international markets have skyrocketed following the Covid-19 pandemic, the Russia-Ukraine conflict and the impact of the El Nino weather phenomenon on production, according to AFP.

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