India’s rice export ban likely to affect Zambia

• There is a lot of Indian rice that comes into the country, both regular and basmati rice.
• This may trigger higher prices on the domestic market.
• Any ban in export of commodities presents an opportunity for Zambia to increase its capacity to grow its own products.

A Financial Analyst says India’s rice export ban will negatively affect the supply of the commodity in Zambia.

Speaking in an interview with Money FM News, Trevor Hambayi noted that this may trigger higher prices on the domestic market because there is a lot of Indian rice that comes into the country, both regular and basmati rice.

Mr. Hambayi however stated that any ban in export of commodities by exporting countries presents an opportunity for Zambia to increase its capacity to grow its own products.

He stressed the need for the country to find ways to promote consumption of locally grown rice and be able to meet the demand on the market, which is likely to trigger increase in the price of the commodity.

“We have a lot of Indian rice that comes into the country both the regular rice and basmati rice that is exported out of India. So it will affect the supply of rice in the country and generally you do find that it will have a higher price.”
“But what usually happens when there is a ban is that it presents an opportunity for the country to increase its capacity to grow its own products. So that we all have to find ways to be able to use our locally grown Mongu rice to be able to meet the demand in the market and that demand is going to go up and the price will also go up,” Mr. Hambayi noted.

Mr. Hambayi adds that Zambia should not be surprised that India has banned rice exports because this was expected as soon the Russia-Ukraine war had continued beyond the few months that they had indicated that the global shortages in products is going to come a year or two years later.
“I think because of the impact of the global geopolitical challenges that we are having, especially the Ukraine-Russia war, there are countries that are looking to be able to ensure that they have food security within their countries before they are able to export and rice is a staple food for India. So I think they are protecting their interest in having to feed their own nation,” he stated.
India, the world’s largest rice exporter, has banned the exports of non-basmati white rice, as the government sought to tame rising domestic food prices and ensure adequate domestic availability at reasonable prices.
According to analysts, India’s rice export ban could ripple across global rice markets and millions are expected to be impacted, with Asian and African consumers set to bear the biggest brunt.

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