India, the world’s largest rice exporter, has now implemented restrictions on every variety of the grain that the South Asian nation ships overseas, measures that will tighten global supply even further.
Over the past few days, India imposed a minimum price on shipments of basmati rice and put an export tax on the parboiled variety. The government of Prime Minister Narendra Modi has stepped up measures to tackle rising food prices ahead of an election early next year.
The latest curbs are likely to ripple across the global market, with benchmark rice prices in Asia near the highest level in almost 15 years.
Source: Bloomberg
