News from July 12, recently, the rice production of India, Thailand and other major rice producing countries in the world have been affected by the El Niño phenomenon.
This effect was reflected in the market, in the form of higher rice prices. The Global Rice Price Index from the Food and Agriculture Organization of the United Nations (FAO) showed that global rice prices were near an 11-year high due to the weather.
India, Thailand and Vietnam are the three largest exporters of rice, among which Indian rice accounts for more than 40% of global rice exports. As the three major rice exporting countries, the reduction in rice production has caused their rice export prices to rise.
According to Reuters and Indian Financial Express news, Indian domestic rice prices rose 11.33%. Indian rice export prices continued their upward trend, reaching a five-year record high. Rice prices in Thailand and Vietnam are also near two-year highs.
