Countries worldwide are scrambling to secure rice after a partial ban on exports by India cut global supplies by roughly a fifth.
battered its northern rice-producing region, damaging $32 million worth of rice crops — an estimated 22% of its annual production.
The restrictions will take offline nearly half the country's usual rice exports this year, said Ashok Gulati of the Indian Council for Research on International Economic Relation. Repeated restrictions make India an unreliable exporter, he added. Vietnam, another major rice exporter, is hoping to capitalize. With rice export prices at a 15-year high and expectations that annual production to be marginally higher than last year, the Southeast Asian nation is trying to keep domestic prices stable while boosting exports.
Already the Philippines is in talks with Vietnam to try to get the grain at lower prices, while Vietnam also looks to target the United Kingdom, which receives much of its rice from India.
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