Global Rice Prices Drop as India Resumes Exports

Global rice prices fell following India's resumption of non-basmati white rice exports. This move, coupled with reduced export duties, prompted suppliers from Thailand, Vietnam, and Pakistan to lower their rice prices. This has significant implications for key importers like the Philippines, Nigeria, and Indonesia.

Global rice prices dropped on Monday following India's decision to resume non-basmati white rice exports, significantly boosting global supply and making rice more affordable for Asian and African buyers, according to exporters.

India's new crop and increased state inventories led New Delhi to cut export duties on parboiled rice to 10% on Saturday. This prompted suppliers from Thailand, Vietnam, and Pakistan to lower their export prices to remain competitive, said Himanshu Agarwal, executive director at Satyam Balajee.

This development follows last year's export restrictions by India, which caused global rice prices to soar to their highest levels in 15 years. Key importers such as the Philippines, Nigeria, and Indonesia are now evaluating the potential impact of the increased Indian rice supplies on prices.

(With inputs from agencies.)