Rice, a staple for over half the world's population, is facing a severe crisis due to export bans, weather adversities, and geopolitical tensions. This crisis disrupts the global rice market, threatening food security and global economies.

India's export bans on plain white, long-grain rice have led to soaring global rice prices. Malaysia's price control policies and production challenges in major rice-producing nations further exacerbate the crisis.

Causes and Impact

India's rice exports account for 40% of the market, causing global rice prices to surge by 15% to 20%. This has severe implications for food affordability, trade relationships, and the livelihoods of millions of farmers worldwide.

Global Price Impact

Rice prices are likely to remain elevated until 2024, with an expected global shortfall of approximately 8.7 million tonnes for the 2022/2023 crop year.

Outlook and Future Projections

Major rice-importing countries will face increased costs for rice imports in 2023, compelling these countries to draw down their domestic stockpiles.

Impact on Major Importing Nations

The global rice crisis requires a united global effort for viable solutions. International collaboration, policy adjustments, and climate resilience measures are needed to safeguard the global rice supply chain.

Conclusion and the Way Forward