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| India imposes further restrictions on rice exports. (Source: Thuong Truong) |
The latest move comes after India imposed a 20% duty on parboiled rice exports on August 25.
India, which accounted for about 40% of global rice exports last year, currently bans or imposes some form of restriction on all rice exports.
Earlier this month, rice prices in Asia surged to their highest in nearly 15 years and could rise further, raising costs for importers such as the Philippines and others in the region.
The measures taken by the world's fifth largest economy recently are aimed at stabilizing domestic prices.
According to BV Krishna Rao, President of the Rice Exporters Association of India, with the decision to impose duty on parboiled rice, domestic rice prices will come down and help control food inflation. However, global rice prices will increase and buyers will have to pay higher prices for the commodity.
Rice is a staple food for about half of the world's population.
India's restrictions come at a time when food prices remain high due to the conflict in Ukraine and volatile global weather.
In India, parboiled rice accounts for about a third of total rice exports. The country has banned exports of broken rice and regular white rice, restricted exports of wheat and sugar, and stockpiled some grains.
New Delhi is also considering removing 40% import duty on wheat, tomatoes, onions and grain stocks to improve domestic supplies.
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