Global rice markets have seen an immediate shift as India, the world’s largest rice exporter, lifted its year-long export ban on select varieties, triggering a swift decline in international prices and reshuffling the balance of supply and demand across Asia, Africa, and beyond.
The move signals a significant reversal of New Delhi’s protectionist stance on food policy and underscores the government’s renewed focus on leveraging agricultural exports to drive economic gains.
In mid-2023, amid rising domestic food inflation and electoral pressure, India imposed restrictions on a range of rice exports, including non-basmati white rice and broken rice—categories that make up a large share of shipments to lower-income importing countries. The government justified the ban as a necessary step to maintain food security and contain price spikes.
The result was immediate: global rice prices surged, import-dependent countries scrambled for alternative suppliers, and India’s rivals—particularly Thailand and Vietnam—saw their market share expand.
