India’s export restrictions on rice continue to disrupt global markets, supplies, and prices
Six months after India introduced a set of export restrictions on rice with the aim of holding down domestic prices, global rice markets continue to feel the impact.
The benchmark Thai white rice price (5% broken) has risen 22% since India’s export ban on non-basmati white rice took effect in July 2023 (Figure 1). Global supplies have been disrupted, as exports of each of India’s restricted products—non-basmati white rice, parboiled rice and broken rice—are down sharply in the same time frame. This has put importing countries in South and Southeast Asia and sub-Saharan Africa in a bind, forcing them to seek alternative sources even as other major rice-exporting countries including Viet Nam and Thailand face production losses due to the effects of El Niño.