Rice battle heats up as India-Pakistan lift export curbs
The global prices for different varieties of rice dropped on Monday after India and Pakistan made tit-for-tat moves to eliminate price caps and resume rice exports.
On Saturday, India lifted its year-long ban on exporting non-Basmati white rice. The move came after a larger-than-expected rice harvest in 2024, which increased state reserves for domestic consumption.
This came shortly after Pakistan’s decision to remove the minimum export price (MEP) for all rice varieties, which had been in place since 2023. The MEP was set at $1,300 per metric tonne for Basmati rice and $550 for non-Basmati rice.
Pakistan's decision was influenced by India’s earlier move in September, when it eliminated the MEP of $950 per metric tonne for Basmati rice.
India and Pakistan are the only two nations that produce Basmati rice, renowned for its unique flavor and aroma, often referred to as the 'scented pearl.'
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