India Bans Some Non-Basmati Rice Exports to Control Prices
- The nation accounts for about 40% of the global rice trade
- Domestic rice prices have increased more than 8% this year
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India, the world’s biggest rice exporter, banned shipments of non-basmati white rice to maintain domestic prices at comfortable levels ahead of the general election due in early 2024.
The government halted overseas sales of the grain with immediate effect, according to a notification by the Directorate General of Foreign Trade, confirming a Bloomberg report published on July 13. Shipments will be allowed on the basis of permission granted by India to other countries to meet their food-security needs and based on requests from their governments, it said.