WATCH: India’s Ban On Rice Export Sparks Panic-Buying In US, Canada As People Rush To Stock Up

WATCH: India's Ban On Rice Export Sparks Panic-Buying In US, Canada As People Rush To Stock Up

[ad_1]

India’s decision to restrict the export of certain rice varieties has sparked panic buying in a number of countries, resulting in long lines outside grocery stores and shelves quickly emptied of the staple food. The ban applies to non-basmati white rice shipments and aims to control local prices, but the move has added to global food market strains amid adverse weather and the ongoing conflict in Ukraine. Social media is flooded with videos showcasing anxious overseas Indian communities in the US, Canada, and Australia rushing to stock up on rice.

Take A Look At Some Of Them Here: 



On July 20, India’s Food and Consumer Affairs Ministry imposed a ban on non-basmati white rice exports in order to stabilise volatile retail prices within the country. Rice production has been impacted by adverse weather conditions, including heavy monsoon rains in rice-producing states and rainfall deficits in other regions. While parboiled rice is exempt from the ban, the government’s primary goal is to ensure adequate supply of non-basmati white rice in the domestic market while containing price increases.

According to reports from the United States, there is a panic buying frenzy, with videos showing people rushing to stock up on rice bags of all varieties. Indian communities, for whom rice is a staple, crowd stores, prompting some store owners to impose rationing by imposing purchase limits. On July 21, major brand outlets experienced a rush, with all rice varieties, including basmati, selling out within hours. 

Sellers expect limited supplies to last no more than a day. Prices have reportedly risen in areas with a significant Asian population, such as Texas, where a 20-pound bag of white rice sells for $34, the Frontline reported. 

According to the report, the export ban is expected to raise food prices globally, adding to the existing strain on food markets caused by adverse weather conditions in major rice-producing countries such as China. The ongoing conflict in Ukraine has exacerbated global food prices even further, it said. 

India’s rice is a significant player in the global market, with African countries being major consumers, while China, India, Thailand, Vietnam, and Pakistan are major producers and suppliers of rice globally.

[ad_2]

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *