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Rice trade in Asia has come to a standstill due to India’s restrictions on rice exports.
India, the world’s largest exporter of rice, accounts for more than 40 percent of global rice exports. China and the Philippines are the world’s leading rice importers.
A 20 per cent export tax on non-basmati rice and a ban on exports of broken rice were imposed last week due to reduced paddy production in the current season.
Refusal to pay 20 percent export tax has stopped rice exports at Indian ports. Due to this, countries are said to be trying to buy rice from other competitors such as Vietnam, Thailand and Myanmar. Contracts have also been put on hold due to rising prices