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India allows rice exports to PH, six other countries

19 October 2023

AFTER imposing an export ban in July, India has allowed exports of non-basmati white rice to seven countries including the Philippines, which has been given the largest allocation of 295,000 metric tons (MT).

In an October 18 notice, India's Directorate General of Foreign Trade announced that exports would be allowed for Nepal (95,000 MT), Cameroon (190,000 MT), the Ivory Coast (142,000 MT), Guinea (142,000 MT), Malaysia (170,000 MT), the Philippines and Seychelles (800 MT).

The shipments will be coursed through India's National Cooperative Exports Ltd.

No other details, particularly the timing of the exports, were provided, but the development is expected to help bring down rice inflation, which was primarily behind a surge in overall inflation last month.

Exports of non-basmati white rice were banned by India on July 20 in an effort to bolster domestic supply. Exports have been allowed to some countries if permitted by the Indian government.

India's export ban triggered high rice export prices to a more than 10-year peak, the United States Department of Agriculture (USDA) has noted.

The USDA, which expects India to account for almost 41 percent of global rice exports by weight in 2023 to 2024, said the ban could remove around 8 percent of expected rice volumes from the global market.

Source : MSN