India imposed more curbs on shipments of rice to ensure its food security, a move by the top exporter that’s likely to further squeeze global supplies of the grain.
The government levied a 20% export tax on parboiled rice with immediate effect, according to a notification by the finance ministry late Friday, confirming an earlier report by Bloomberg News. India has now restricted overseas sales of all non-basmati varieties, which account for about 80% of its total rice shipments. Its share in the global rice trade is about 40%.
“With this move, domestic prices will drop and that will help the government in controlling food inflation,” said B.V. Krishna Rao, president of the Rice Exporters Association. “But, global prices will rise and buyers will have to absorb the increase. There will also be re-negotiations between buyers and sellers on some contracts.”
Parboiled rice accounts for about one-third of India’s total rice shipments. The nation has already banned exports of broken rice and non-basmati white rice, curbed shipments of wheat and sugar, and restricted stockpiling of some crops. India is also considering abolishing a 40% import levy on wheat, and selling tomatoes, onions and grains from state reserves to improve local supplies.
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