MUMBAI - India has imposed a 20 per cent duty on exports of parboiled rice with immediate effect, a move that could further reduce shipments from the world’s largest exporter and lift global rice prices, which are already trading near their highest levels in 12 years.a ban on exports of widely consumed non-basmati white rice,The ban prompted some buyers to increase purchases of parboiled rice and lifted its prices to record highs, said a Mumbai-based dealer with a global trade house.
India accounts for more than 40 per cent of world rice exports, and low inventories with other exporters mean any cut in shipments could inflate food prices already driven up by Russia’s invasion of Ukraine in 2022 and by erratic weather. “Global rice prices had begun to moderate in the last few days after rallying more than 25 per cent due to India’s restrictions last month. However, prices are expected to rise again,” the dealer said.
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