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LATEST NEWS UPDATES | India may ban rice exports, pose risk to global supply, says Nomura

India may ban rice exports, pose risk to global supply, says Nomura

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published Published on Aug 31, 2022   modified Modified on Sep 1, 2022

-Moneycontrol.com

The world's biggest rice exporter could see lower production as sowing has been 6 percent lower than the previous season

India, the world’s largest rice exporter, could ban exports amid sub-par sowing this season, Nomura said on August 30.

“Will India ban rice exports? We think the risk is non-negligible,” Sonal Varma, Nomura's chief economist for India and Asia (excluding Japan), said in a note.

“Following the Russia-Ukraine war, soaring maize prices prompted a shift towards using broken rice as animal feed, with rising feed costs adding to higher meat prices. India’s rice production this season may also be lower.”

The government is discussing curbs on broken rice exports, as local prices soar, Bloomberg reported August 26, citing unnamed people. Talks were in advanced stages, according to the report.

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Moneycontrol.com, 31 August, 2022, https://www.moneycontrol.com/news/business/economy/india-may-ban-rice-exports-pose-risk-to-global-supply-says-nomura-9111041.html


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