India's Rice Crisis Puts Iran's Rice Imports at Risk

The price of rice in Iran dramatically increased by +97.1% YoY to USD 1.6.kg in W1 May-22. Iran can produce a significant amount of rice, but the government has had to boost rice imports to compensate for poor Iranian rice crops due to drought. Indian as the sole exporter of rice in Iran also has challenges with production due to the erratic rain followed by drought. This resulted in the Iranian rice price hikes up in May 2022.