The Asian rice market is in shock following India’s decision to ban exports announced on July 20. The price of the staple food rose nearly 10% in August to its highest level in 15 years, according to the Food and Agriculture Organization of the United Nations (FAO) overall rice price index. Nikkei Asia. Previously, India was the largest exporter, but decided to focus on domestic demand. Therefore, its withdrawal from the market affects all producing and consuming countries.
Asia produces and consumes 90% of the world’s rice supply, and governments across the region are poised to combat inflation and supply problems in a market already battered by extreme weather, the magazine continues. The El Niño climate phenomenon causes decreased rainfall. “casts a dark cloud on the market’s prospects this winter” the newspaper continues.
In this context, the Philippines imposed a cap on rice prices in early September, and the archipelago government has not ruled out revising import duties to try to protect the poorest households.
Daily Editor Philippine Daily Questionnaire Reminds me of how my relationship with rice works
Source: Courrier International
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