India Has no Plans to Curb Rice Exports

According to Trade and Government Sources, India has no plans to reduce rice exports because the world's largest exporter of the staple has sufficient stocks and local rates are lower than state-set support prices. On May 14, India banned wheat exports, just days after New Delhi predicted record shipments of 10 million tonnes this year, as a heatwave reduced output and sent domestic prices to all-time highs.

"We have more than sufficient stocks of rice and there is no concern at all in terms of either prices or availability for exports and domestic requirements. At this stage, there is no consideration at all to prohibit rice exports," said a senior government official.

Rice exports from India, the world's second-largest consumer, increased to a record 21.2 million tonnes in the fiscal year ending March 2022, up from 17.8 million tonnes the previous year.

Rice prices are falling despite rising exports because India has massive stocks and local purchases by the Food Corporation of India (FCI), the state stockpiler, are increasing, according to B.V. Krishna Rao, president of the All India Rice Exporters Association.