India considering extension of export duty on parboiled rice

Indian authorities may extend the export duty on parboiled rice, which will lead to an increase in world prices for this product and limit its supply to global markets. India currently has a 20 percent duty on parboiled rice exports, which is set to expire on March 31. However, the Indian government is not yet considering a complete ban on the export of this type of grain. Extending the duty will help the government curb food inflation, which rose to 10 percent year-on-year in December.

With retail rice prices in India rising 11 percent year-on-year, Food Minister Piyush Goyal has launched a program to subsidize the sale of rice to the public. According to the Indian government, the country's rice exports fell 29 percent from April 1, 2023 to January 21, 2024, compared with the same period a year earlier.

As a result, prices for Thai white rice have reached a record level since October 2008 and amount to $648 per ton.