GLOBAL rice prices are seen to rise following India's ban on non-basmati white rice exports, a Fitch group unit said. BMI Country Risk and Industry Research said in its commentary that the ban on those types of Indian grains further adds pressure to the global rice market. India, the world's top rice exporter, banned shipments of non-basmati white rice to maintain domestic food prices at a comfortable level. Sought for comment, chief economist at Rizal Commercial Banking Corp. Michael Ricafort said the ban could reduce global rice supplies, leading to some uptick in world rice prices, which, in turn, could lead to higher rice import prices for the Philippines. For his part, ING Manila Bank senior economist Nicholas Antonio Mapa said that the loss of Indian rice exports would lower global supply, which would lead to upward pressure on the staple.

Source: Manila Times July 24, 2023 05:02 UTC