Rice prices in Asia have experienced the largest drop in over 16 years after India relaxed certain export restrictions, easing supply concerns. According to the Thai Rice Exporters Association, the benchmark for Asian rice, white rice 5% broken, fell by 11% to $509 per ton. This marks the steepest decline since the data was first compiled in May 2008, reaching the lowest prices in more than 15 months.
Last year, rice prices surged as India, the world's largest exporter, imposed export limitations to curb domestic prices ahead of elections. The recent easing of some of these restrictions follows national opinion polls, a move that could help alleviate domestic oversupply and reduce import costs for countries like Indonesia and Senegal.
