Rice Export Prices Highest in More Than a Decade as India Restricts Trade

  |   Trade Spotlight
Line graph showing the changes in the exported price of rice per metric ton since 2013. Prices have increased sharply since India stopped rice exports.

India, the world’s largest rice exporter, disrupted global rice markets by banning white rice exports in July 2023, before placing an export tax on parboiled rice exports in August 2023. Accounting for roughly 40 percent of global rice trade in 2022, India exported more than the next four exporters combined. India has consistently been the lowest-priced white rice supplier since 2020, and the sharp increase in rice prices is expected to disproportionately impact countries in import-dependent Sub-Saharan Africa. Three of the top five Indian export markets are in Sub-Saharan Africa – Benin, Senegal, and Côte d’Ivoire – with each receiving more than 1 million tons of Indian rice in 2022. India is by far the largest supplier to these countries and many others in the region.

Global importers have shifted to the next largest suppliers – Thailand and Vietnam – causing their export quotes to surge to the highest levels since 2008. Before India’s restrictions, global prices had already been rising due to strong import demand and lower production in several exporting countries. U.S. rice exports are unlikely to be substantially impacted due to higher U.S. prices. For more information, please read Rice Export Prices Highest in 15 Years as India Restricts Trade.

Exporting
East Asia and the Pacific, India, South and Central Asia, Thailand, Vietnam
Grains, Feeds and Fodders, Rice

Related Trade Spotlights

View More
Trade Spotlight

Growing Demand for Fats and Oils Due to Global Biodiesel Expansion

The production of biomass-based diesel (BBD) is expanding globally, driven by policies mandating and incentivizing its use as an alternative to petroleum-based diesel. BBD policies tend to support rural economies, lower greenhouse gas emissions in transportation, and improve air quality.
Trade Spotlight

Rapid Growth for U.S. Pet Food Exports to China

U.S. dog and cat food exports to China reached a record $264 million in 2022, with China becoming the second-largest U.S. export market.
Trade Spotlight

The Growing Importance of U.S. Ethanol Exports for Industrial Uses

The United States transitioned from a net importer of ethanol in 2009 to the world’s largest supplier, exporting a record 1.7 billion gallons in 2018. While the use of ethanol as a fuel for blending with gasoline accounted for three-fourths of the export expansion, ethanol for other nonfuel industrial applications has seen slower but steady growth.