India, the world's largest supplier of rice, plans to ban exports of almost all varieties of this grain crop. The exception will be basmati rice.
As Bloomberg reports with reference to industry experts, it is assumed that this measure will help prevent a possible increase in rice prices in the domestic market. The forthcoming ban will affect about 80% of India's rice exports.
As a result, global prices for this grain crop may increase even more: some experts have already voiced their fears of serious damage to the crop due to the natural phenomenon of El Niño.
According to information from the Thai Rice Exporters Association, this week the price of a ton of the basic Asian rice variety reached a two-year high of $535.