India, the world’s top exporter of rice, has slapped a 20 percent tax on some rice grades and banned some exports entirely. The result will be surge in global rice prices.
India is believed to have implemented the tax to discourage exports after its rice harvest was reduced due to bad weather. This move comes at the same time U.S. rice production is low due to the drought in California. Only 55 percent of rice fields were planted because of a lack of water.
Published 9/9/2022. Read the full article.