India Removes Rice Export Ban, Spurring Additional Trade
11.10.2024 20:30 "Agro Perspectiva" (Kyiv) —
According to the report of the USDA Grain: World Markets and Trade (October 2024), on September 28, 2024, India lifted a 14-month export ban on non-basmati white rice, the most tradedcategory of rice globally. Additionally, India removed the Minimum Export Price (MEP) on basmati rice and reduced tariffs to 10 percent on paddy, brown, and parboiled exports. Global trade is now set to rise in 2025 as top exporter India expands shipments and global rice prices are expected to fall. Notably, the ban on broken rice exports remains in place, which is forecast to keep India export volumes and global trade below the records reached in 2022. India’s sudden export ban on July 20, 2023 had a profound impact on global rice exporter prices, climbing to their highest in 15 years. With the removal of the non-basmati white rice export ban this past month, the Indian government also set a MEP of $490/ton. Indian export quotes are now around that level, which is comparable to when they were last quoted in July 2023. In response, export prices for other origins have fallen sharply and some have edged below $500/ton for the first time since July 2023. Pakistan, which saw surging exports during the export ban, has removed its own MEP in response. With India’s return to the market, exports are anticipated to decline for Thailand, Vietnam, and Pakistan. All of these countries expanded exports in 2023/24 as a result of India’s export ban. Global trade is expected to expand slightly for 2025 as price-sensitive countries, especially in Africa and Asia, increase import demand in response to more available supplies and lower prices. In particular, African countries shifted to alternate suppliers such as Pakistan but scaled back on total purchases during India’s export ban. Shipments to neighboring Nepal and Bangladesh are also anticipated to rebound. AGRO PERSPECTIVA offers Agro + «Ukrainian Grain & Oilseed Market» weekly analytical bulletin. Concerning subscription please contact: client@agroperspectiva.com or +380675964652 (WhatsApp, Viber, Telegram).
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