Islamabad (TDI): Rice suppliers from Pakistan and other regional countries are responding to market effect after price of rice from India dropped, foreign media reports said.
Suppliers from Thailand, Vietnam, and Pakistan are adjusting thier export prices to the new trend in the global market, a report added.
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Global rice prices fell on Monday after India, the world’s top exporter of the grain, increased global supply of non-basmati rice in Asia and Africa, according to Reuters.
A day earlier, it had cut export duty on some kind of rice to 10pc, while higher inventories in state warehouses are also available.
A sharp surge in rice’s prices was witnessed globally following India’s decision last year to ban the export of white rice and impose a 20pc duty on parboiled rice exports. The ban and the duty soared the prices to the highest level in 16 years.
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In 2023, the prices of wheat and grains like oats and corn declined 20 to 30 percent as stocks were replenished, as reflected in an annual report from the Food and Agriculture Organization of the United Nations.
But India imposing restrictions on non-basmati rice after a late monsoon raised fears of a production shortfall and the rice prices remained high.
India decision of limiting supply, removed 9 million metric tons of grain from the international market and ignited global prices.
India provides 40% of global rice supplies leaving behind Thailand as the world’s largest rice exporter in 2011.
