Philippines, followed by Indonesia, stood out as the countries most vulnerable to India’s rice export ban the ban, according to Nomura.
showed — above the central bank's target range of 2% to 4%. In light of that, India's export ban would come as an additional blow to the Southeast Asian nation.
Nomura reported that the country relies on imports for 2.1% of its rice consumption needs. And rice makes up about 15% of its food CPI basket, according to Statista.Singapore imports all of its rice, with 28.07% of it coming from India in 2021, according to Trade Map. But the country isn't as vulnerable as the Philippines and Indonesia as"the share of rice in the [country's] CPI basket is quite small," Varma noted.
"The vulnerability needs to be seen from the perspective of both the impact on expenditure for consumers and how dependent countries [are] on imported food items," she added.Thailand and Vietnam will most likely to profit from India's ban, Nomura said. That's because they're the world's second- and third-largest exporters of rice, making them the most likely alternatives for countries looking to fill the gap.
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