World food market red light, halve rice exports to India banned

The global food market has become more unstable. Following the collapse of the Black Sea Grain Agreement, which contributed to the smooth supply of wheat, India, the world's largest rice exporter, imposed an embargo on half of its rice exports. It is a measure to secure domestic supply in India due to crop damage caused by heavy monsoon rains. Concerns over global food inflation have grown due to Russia's suspension of the Black Sea Grain Agreement and unstable weather following the abnormal climate El Niño. In the 12 months, retail rice prices in India jumped 11.5 per cent, according to the statement. Heavy monsoon rains caused severe damage to crops and retail rice prices soared 3 per cent in a month, prompting the government to ban half of rice exports, albeit belatedly. Vivasmati white rice and broken rice are banned for export, accounting for about 10 million tons of India's 22 million tons of rice exports last year, or half of them. Parboiled rice, which is rice that is ...