Worried about inflation, India considers banning rice exports

Source: Vneconomy.vn India, the world's largest rice exporter, is considering an export ban for most rice varieties. This move may push the world rice price - which is already at a high level due to the El Nino weather phenomenon causing drought and the heat has returned - further. According to Bloomberg's source, the Government of India is discussing a plan to ban the export of all non-basmati rice. The reason is that the price of rice in this country has increased and the authorities want to avoid the risk of inflation increasing further. If implemented, such an export ban could affect about 80% of India's rice exports, which in turn could help cool down rice prices in the country but drive up world prices even further. Rice is a staple food for about half of the world's population, with Asia consuming about 90% of the global rice supply. Rice prices in Asia are currently at the highest level in more than two years as importers step up buying and hoarding due to concerns that El ...