Surging Asian Rice Prices Exceed $600: An Overview
Published on: December 1, 2023.
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Asian benchmark for rice, Thailand’s 5% broken white rice, saw a substantial increase in price, reaching $602 per ton on Wednesday, according to a report by Bloomberg. This is the highest price level since late September and the most expensive rice has been since October 2008.
The prices of this benchmark had experienced a steady decline following a surge in early August, which saw prices reach the highest level in almost 15 years. The decline was primarily due to concerns over global supplies as dry weather threatened production in Thailand and as India, the top rice exporter, implemented a ban on some exports.
The significant increase in rice prices is of particular concern as rice plays a vital role in the diets of billions of people in Asia and Africa. The surge in prices could potentially contribute to inflationary pressures and increase import bills for buyers, as reported by Bloomberg.
In July, India expanded its ban on rice exports in order to protect domestic supplies. This move triggered panic buying in some countries and further heightened concerns over a global shortage of rice, given the growing world consumption.
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