India bans some rice exports immediately, SA may face trouble if it lasts long | Business

The 20% tariff imposed on exports of white and brown rice is a source of worry as SA will incur an additional expense of 20% tax when importing rice.India, the world’s biggest rice exporter, has banned some overseas sales"with immediate effect".

Rice is a major world food staple and prices on international markets have soared to decade highs as the world grappled with the Covid-19 pandemic, the war in Ukraine and the impact of the El Nino weather phenomenon on production levels.. that if a ban persists it could result in global panic buying, resulting in a spike in prices globally. India is South Africa's second biggest rice supplier after Thailand.

India said on Friday it would ban exports of non-basmati white rice -- which accounts for around a quarter of its total -- the consumer affairs and food ministry said. Countries expected to be hit by the ban include African nations, Turkey, Syria, and Pakistan -- all of them already struggling with high food-price inflation -- the firm added.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Critical locomotive deal with China now out of Transnet's hands | BusinessA critical deal to secure spare parts for Transnet locomotives from a Chinese manufacturer is now out of the state-owned entity's hands. | News24_Business
Source: News24 - 🏆 4. / 80 Read more »

Africa 'only': Zuma's Belarus carbon credit push fails | BusinessA carbon registry and exchange that planned to launch in Zimbabwe next month has thrown the fate of two million Russian offsets that a Belarusian trade associate said it would list on the exchange into doubt. | News24_Business
Source: News24 - 🏆 4. / 80 Read more »

Africans challenge Biden policies at US business summit - The Africa Report.comCandid conversations: Biden administration officials got an earful from African leaders at the recent CorpCnclAfrica US-Africa Business Summit. Report by JulianPecquet from Botswana
Source: TheAfricaReport - 🏆 29. / 55 Read more »

Ramaphosa: Eskom has shut down R11bn worth of contracts in crime crackdown | BusinessEskom cancelled coal-supply agreements and construction contracts valued at R11 billion rand, as the South African authorities crack down on crime at the state-owned utility, President Cyril Ramaphosa said. | News24_Business
Source: News24 - 🏆 4. / 80 Read more »