India Rice Export Ban Could Mean Soaring Prices Worldwide

1. India Rice Export Ban Could Mean Soaring Prices Worldwide India Rice Export Ban Could Mean Soaring Prices Worldwide The largest global rice supplier, India, considers export restrictions on several varieties which could raise global prices of the commodity. About half of the world's population depends on rice as a staple food, with Asia alone accounting for about 90% of global rice consumption. This year, rice has been aggressively stocked up in importing nations like Indonesia, China, and the Philippines. Reasons For Policy Changes Reasons For Policy Changes Bloomberg reported that as the price of the staple reaches an 11-year high, Narendra Modi's government is considering a ban on all non-Basmati rice exports. According to insiders, the move was made to reduce the risk of increased inflation, particularly ahead of upcoming elections as consumers are battling high prices. About 40% of the world's rice trade is controlled by India. After the government announced an increase in the minimum support prices for farmers, prices spiked to a five-year high in June. Consequen Consequences If put into effect, the decision would result in India banning 80% of all rice exports, driving up food prices globally as the world struggles to cope with the impact of Russia's invasion of Ukraine. ces

2. The rice move may be able to control domestic prices, but it runs the risk of driving up global prices in the face of a supply crunch. The increases will affect consumers in Britain as well. According to Gareth Redmond-King of the London-based Energy and Climate Intelligence Unit, over half of the rice imported ($127 million) comes from India. Two-thirds of the rice imports ($229.2 million last year) comes from climate-vulnerable regions of the world. He mentioned, “As the effects worsen, shortages will raise the cost of staple foods we import from overseas, which we cannot simply grow here.” “Cutting emissions to net zero is the only way to halt climate change, limit warming, and avoid even worse consequences.” Climatic Conditions Climatic Conditions The decision was made in the midst of widespread worries about how the disruptive El Nino weather phenomenon will affect agriculture and put additional pressure on prices. Researchers are concerned because the cyclical weather event in the Pacific Ocean, which is known to increase heat, worsens the already-serious climate crisis that is the root cause of extreme weather events. Numerous heatwaves and unpredictable monsoons have been affecting agricultural production in India. Crop production has been negatively impacted by longer droughts and heavier monsoons that bring more rain in a shorter amount of time. Concerns about shortages also make stockpiling difficult If you are a rice importer wishing to buy rice in bulk or a Rice Exporter willing to export bulk rice, then Tradologie.com is the right platform for you. Tradologie is a Software as a Service platform that facilitates bulk agro-trade across the globe. Through Tradologie’s interface, buyers can avail the best qualities of agro-commodities at negotiable rates. The transaction-oriented platform has 600,000+ verified buyers and about 70,000+ registered sellers of agro-commodities from over 150 countries. To register as a buyer, click here. To register as a seller, click here. To stay updated with the latest happenings in the agro-trade industry, follow Tradologie.com across all social media channels.