THE price of rice may fall further after India lifted its export ban on non-basmati white rice, the Department of Agriculture said yesterday, October 2.
India recently announced the lifting of the export ban a year after it was implemented. Agriculture spokesperson Arnel de Mesa said India’s move will relieve price pressure in the international market.
India banned exports last year amid a dip in production and threats of El Nino.
“Remember natin, 40 percent ng rice sa international market ay galing sa India kaya very important na makapasok ulit sa international trade ang Indian rice, especially ang non-basmati white rice,” De Mesa told reporters.
India also imposed a minimum export price of $490 per metric ton. This is lower compared to international prices last year, which reached $600 per metric ton.
“Mawawala ang pressure sa trigo dahil nanjan pa ang Ukraine, pero ‘yung rice dadami sa buong mundo, at mas mura pa ang Indian rice compared sa Vietnam,” De Mesa added.
Volume of imports so far this year has reached almost 3.2 million metric tons, almost poised to breach the 3.6 million metric tons of imports recorded in 2023.
“We have enough supply coming from a strong harvest last year and during the first quarter kahit may El Niño tayo,” De Mesa said. (ABS-CBN News)
