Global Rice Prices

In the global markets, there are no such decline in the price of rice in today's date. The World Bank has released its report in a short time. According to the World Bank's Global Commodity Outlook, there is no possibility of any significant decrease in the global prices of rice before 2025. The main reason for the increase in rice prices is the continuing risk of Alnino. Along with this, policy decisions of major exporters and importers of the world are also due to the contraction of rice yield and export market.

Possibility of low rice yield in this kharif season

According to a recent report by the World Bank, the price of rice inside the global market in 2023 is 28 percent more than in 2022. There is a possibility of 6 percent more inflation in rice prices in the global market by 2024. Due to this, concern has increased due to the possibility of increasing rice prices in India. Because in the month of August, due to low rainfall, there is a lot of possibility of less rice yield in this kharif season inside the domestic market in 2023.

Also read: Take care of paddy crop like this in the kharif season, it will be good profits

Government of India has stopped exporting rice

Rice exports from the country have already been banned from the Government of India. As we all know, some species of rice in India have 20 percent export duty. Also, the minimum export price on basmati rice is applicable. This commendable step of the Central government has recorded a decline in supply of rice in the global market up to 40 percent. In fact, under this report, it has been said that due to adequate supply, the prices of agricultural commodities are expected to decline by about 7 percent in 2023. Also, in 2024-25, the prices of agricultural commodities may fall further by 2 percent.