Global rice prices fall after India allows exports

Global rice prices fell on Monday, driven by a decision by India, the world’s largest exporter of the grain, to resume exports. The move has boosted global supply and given buyers in developing countries in Asia and Africa an opportunity to secure supplies at more affordable prices, industry exporters said. On Saturday, the Indian government authorized exports of non-basmati white rice, following a reduction in export duty on parboiled rice to 10 percent, driven by expectations of a new harvest and rising stocks in state warehouses. “Suppliers in Thailand, Vietnam and Pakistan are responding to this decision by reducing their export prices,” said Himanshu Agarwal, CEO of Satyam Balajee, a leading rice exporter. “They are all trying to stay competitive in the market.” Global rice prices have reached record highs in 15 years following India’s ban on white rice exports last year and the implementation of a 20 percent tariff on parboiled rice exports. The restrictions have allowed ...