11:45 - 30.09.2024

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September 30, Fineko/abc.az. Now supplies of all varieties of white rice are allowed, but minimum export price of $490 per ton has been introduced, ABC.AZ reports, referring to the Main Department of Foreign Trade of the Ministry of Trade & Industry of India. The decision does not apply to the basmati variety, the export of which has not been banned.

This is important news for the global market, as India accounts for 40% of all global shipments of this product. The ban on the export of white rice was imposed by the Indian authorities last summer amid a decrease in the harvest in the country and in order to saturate the domestic market. This decision affected 80% of the total volume exported from the country and was severely criticized both domestically and in other countries. In many countries that depend on imports of Indian rice, consumer panic began, and the authorities had to calm the population by promising not to allow shortage of this product. There was no shortage then, but prices rose significantly. Now, after the ban is lifted, prices should decrease significantly.

Both the Indian ban and its cancellation had little impact on Russia. Russia buys exactly the same basmati, which is not subject to the export ban. And the rest of the rice is produced domestically. But in Russia itself, there is also a ban on rice exports until the end of 2024, which is likely to be extended further.