Global rice prices drop after India allows exports

Global rice prices fell on Monday after India, the world’s No.1 exporter of the grain, gave the go-ahead for exports to resume, boosting global supply and helping poor Asian and African buyers secure more affordable supplies, exporters said. India on Saturday allowed exports of non-basmati white rice. That came a day after New Delhi cut export duty on parboiled rice to 10%, buoyed by a new crop in the offing and higher inventories in state warehouses. “Suppliers from Thailand, Vietnam, and Pakistan are responding to India’s move by lowering their export prices,” said Himanshu Agarwal, executive director at Satyam Balajee, a leading rice exporter. “Everyone’s trying to stay competitive to hold their spot in the market.” Global rice prices soared to their highest level in over 15 years following India’s decision last year to ban the export of white rice and impose a 20% duty on parboiled rice exports. Last year’s export curbs imposed by India allowed competing suppliers like ...