India Lifts Rice Export Ban

India has lifted its ban on rice exports after 14 months. The announcement was made by the country's central government on Friday, September 27. According to NDTV, the statement clarified that exporters can now export all types of rice except for Basmati. Additionally, the export duty has been reduced to 10%.

Indian rice exporters are understandably excited about this move. Suraj Agarwal, CEO of one of the country's leading rice export companies, Rice Villa, stated, “The government's decision will be a game changer for both India's agricultural sector and the international rice market. On one hand, rice prices will drop in the international market, and on the other, farmers will benefit.”

Last year, rice production was affected due to inadequate rainfall, prompting the government to impose an export ban on July 20, 2023, to stabilize the internal market.

Over 300 million people around the world rely on rice as their staple food. According to the U.S. Department of Agriculture, the top six rice-producing countries currently are Bangladesh, China, India, Indonesia, Thailand, and Vietnam.

India is the world's leading rice exporter, accounting for 40% of the global rice trade. The previous ban had caused rice prices to rise in the international market; according to Reuters, prices for all types of rice had increased by 11.7%, marking the highest price surge in 11 years.