Indian government may ban exports of most rice
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Due to rising domestic food prices, the Indian authorities are considering banning the export of most varieties of rice, which together make up 80% of the total supply. This was reported on July 13 by Bloomberg, citing sources. India is the largest exporter of rice. It accounts for 40.5% of the global crop trade, according to USDA statistics for the 2022/23 season.
Rice prices in the Southeast Asian region, the main importer of Indian rice, rose to a two-year high. This was due to fears of the consequences of El Niño, a phenomenon of global temperature fluctuations in the upper layers of the ocean. Its effects could lead to extended periods of drought: Rice, which provides the basic food for about 3 billion people, is a water-intensive crop.
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