RT.com
22 Aug 2023, 01:43 GMT+10
The restriction has triggered disruptions to global food supplies, according to the Mint news outlet
Singapore, Indonesia and the Philippines have called on India to lift its restrictions on rice exports amid soaring prices, the financial news website Mint reported on Sunday.
The Indian government suspended exports of non-basmati white rice in late July after prices jumped 3% in a month following heavy monsoon rains, which caused widespread damage to crops. In June, Indonesia had announced plans to buy 1 million tons of rice from India to alleviate disruptions to its own food market, expecting a longer dry season due to the El Nino weather pattern, according to the outlet.
Singapore has requested some 110,000 tons of rice from India, the article said, adding that the Philippines also relies heavily on supplies from India. Bangladesh is also in talks with New Delhi on increasing imports, according to Mint.
The article noted that India's suspension of exports - which was aimed at solving domestic supply problems - has had a global impact. The restrictions have almost halved shipments by the world's biggest rice exporter, stoking inflation on global food markets. India accounts for 40% of global supplies of the key staple.
"Earlier rice was trading for $550 per metric ton, now prices are hovering above $650," Nitin Gupta, senior vice president of Olam Agri India Private Limited, one of India's biggest rice exporters, told Al Jazeera last week.
The United Nations World Food Program also recently appealed to Indian suppliers for 200,000 tons of rice as humanitarian aid, to improve global food security. The UN noted that the Covid-19 pandemic and the Ukraine conflict have significantly reduced the world's rice supply.
For more stories on economy & finance visit RT's business section
(RT.com)
Get a daily dose of Birmingham Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Birmingham Star.
More InformationMADRID, Spain: Liverpool footballer Diogo Jota and his younger brother, André Silva, have died in a car accident in Spain. Spanish...
LONDON, U.K.: An unrelenting heatwave sweeping across Europe has pushed early summer temperatures to historic highs, triggering deadly...
President Donald Trump's plans to build a space-based Golden Dome missile defense shield have drawn immediate criticism from China,...
NEW YORK CITY, New York: Paramount has agreed to pay US$16 million to settle a lawsuit brought by U.S. President Donald Trump over...
LONDON, U.K.: British Prime Minister Keir Starmer won a vote in Parliament this week to move ahead with changes to the country's welfare...
WASHINGTON, D.C.: President Donald Trump will meet Israeli Prime Minister Benjamin Netanyahu at the White House on Monday. President...
FRANKLIN, Tennessee: Hundreds of thousands of Nissan and Infiniti vehicles are being recalled across the United States due to a potential...
REDMOND, Washington: Microsoft is the latest tech giant to announce significant job cuts, as the financial strain of building next-generation...
SANTA CLARA, California: Nvidia came within a whisker of making financial history on July 3, briefly surpassing Apple's all-time market...
DUBLIN, Ireland: Tánaiste Simon Harris has called on the United States to use every hour to reach a zero-for-zero tariff agreement...
NEW YORK CITY, New York: Paramount has agreed to pay US$16 million to settle a lawsuit brought by U.S. President Donald Trump over...
SACRAMENTO, California: California's multibillion-dollar farms are facing a growing crisis—not from drought or pests, but from a sudden...