Rice prices in Asian markets fell during trading, despite India’s restrictions on rice exports, thanks to Malaysia’s efforts to increase its domestic production of the crop.
According to data from the Thai Rice Exporters Association, the price of Thai rice fell by 3%, or the equivalent of 19 dollars, to 621 dollars per ton, after reaching its highest level in 15 years in early August.
Malaysian Agriculture Minister Mohammad Sabu said in press statements that his country imports about 35% of its rice needs, and it is seeking to reduce this percentage by increasing local rice cultivation.
India, the world’s largest rice exporter, has imposed restrictions on its rice exports due to drought and rising prices at the domestic level.
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