South African Importers Celebrate Eased Indian Rice Export Restrictions

South African importers welcomed India's decision to lift restrictions on rice exports. The Indian government's move is set to improve rice supply and reduce prices. With India being a significant exporter to South Africa, this change is expected to benefit importers, consumers, and businesses relying on rice.

South African importers are expressing relief following India's recent decision to ease restrictions on rice exports. The Indian government last month withdrew a blanket ban on the overseas shipment of non-basmati white rice, setting a floor price of USD 490 per tonne and removing the export duty on the commodity.

The move marks the end of a ban that began on July 20, 2023, aimed at increasing domestic supply. "This is welcoming news for importers like us," said Pranav Thakkar of Dev International. With South Africa importing roughly 10 million tonnes of rice annually, the change could significantly benefit consumers and businesses dependent on rice.

Wandile Sihlobo, Chief Economist at the South African Agricultural Business Chamber, noted that global rice prices have softened with the anticipation of ample global supplies. The easing of India's restrictions coincides with the country's new harvest season, promising further price reductions and increased availability for southern African markets.

(With inputs from agencies.)