India lifts rice export ban, may ease global prices

The Department of Agriculture (DA) said that India's lifting of its export ban on non-basmati rice could help ease global and local rice prices.

DA Assistant Secretary Arnel de Mesa noted that 40 percent of global rice imports come from India, and with the recent lifting of the export ban, significant supply volumes will be freed up to improve trading conditions globally.

India's move to set a minimum export price of USD490 per metric ton for non-basmati white rice is expected to reduce international prices, which previously reached USD600 per metric ton last year.

De Mesa emphasized that India's resumption of exports will ease price pressure in the global market and potentially force other Asian exporters like Thailand and Vietnam to lower their prices.

With almost 3.2 million metric tons imported so far this year, the Philippines is well-positioned with sufficient supply from a strong harvest last year despite El Nino conditions.

Consumers can expect cheaper rice in December as India's export ban lift will drive down international prices, making Indian rice cheaper compared to Vietnamese and Thai rice.

The DA assured that it would monitor agricultural products in ports to prevent spoilage and facilitate the smooth entry and exit of containers with agricultural commodities.