Explained | Why India’s easing of export curbs is important to global rice trade

Mumbai: India has removed most of the export curbs it imposed on rice shipments in 2023 with immediate effect, as above-average monsoon rains are expected to boost crop yields amid overflowing stocks in state granaries.

Here are some facts explaining India’s importance to the global rice trade:

• India’s exports were bigger than the combined shipments of the world’s next four biggest exporters: Thailand, Vietnam, Pakistan and the United States.

• Top buyers of Indian non-basmati rice include: Benin, Bangladesh, Angola, Cameroon, Djibouti, Guinea, Ivory Coast, Kenya and Nepal.

• India’s lowered exports forced Asian and African buyers to switch to Thailand, Vietnam, Pakistan, and Myanmar. The sudden surge in demand amid limited surpluses sent export prices in these countries to their highest levels in more than 15 years.