Global rice prices to ease as India lifts export ban

Government officials and industry stakeholders are hopeful prices of rice in the world market would begin to soften after India lifted its export ban on nonBasmati rice, leading to more favorable rice import prices for the Philippines.

- JASPER EMMANUEL ARCALAS

Agriculture Secretary Francisco Tiu Laurel Jr. said he "hopes" the lifting of the India export ban would "signal" the lowering of rice prices in the global market.

Department of Agriculture spokesperson and assistant secretary Arnel de Mesa said the return of Indian non-Basmati white rice to the world market would boost available grains for trade globally.

The additional stocks, De Mesa pointed out, could ease the supply pressure in the world market and "create an impact" toward lowering world prices of rice.

Last weekend, India lifted its export ban on non-Basmati rice to prevent oversupply as the country's grain stocks surged recently.

The export ban has been in place since July 2023 as India sought to protect its domestic consumers by shoring up rice stocks to ensure stable retail prices amid concerns in local production and uncertainties in global market and supplies.