India has lifted most of the export restrictions on rice, effective immediately, due to anticipated high crop yields from abundant monsoon rains and oversupply in state granaries. In 2022, India dominated the global rice trade, accounting for over 40% of the total exports with a record 22.2 million metric tons. The country's exports reached beyond the combined figures of Thailand, Vietnam, Pakistan, and the United States, the next largest exporters. The restrictions imposed in 2023 resulted in a 20% drop in rice exports, leading to a shift in buying preferences towards Thailand, Vietnam, Pakistan, and Myanmar by Asian and African countries. The price of exports in these countries surged to their highest in over 15 years due to increased demand and limited surpluses, following India's reduction in exports.