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<ul class="summary-list"><li>India, the world's top rice exporter, has imposed a 20% tax on shipments of some rice grades.</li><li>It has also banned the exports of 100% broken rice, which is mostly used for animal feed.</li></ul>India — the world's top rice exporter — has slapped a 20% tax on shipments of some rice grades in a move that could worsen the <a href="https://www.businessinsider.com/global-food-crisis-higher-prices-shortages-civil-unrest-2022-8">food crisis.</a>The new export tax that affects some rice grades will take effect Friday, according to an <a href="https://egazette.nic.in/WriteReadData/2022/238667.pdf">announcement</a> from India's finance ministry on Thursday. India also banned the exports of 100% broken rice, which is mostly used for animal feed, <a href="https://www.bloomberg.com/news/articles/2022-09-08/india-imposes-20-tax-on-some-rice-exports?srnd=premium">Bloomberg</a> and <a href="https://www.reuters.com/world/india/india-imposes-20-duty-rice-exports-various-grades-2022-09-08/">Reuters</a> reported, citing government notices.The developments come as rice plantings in India have been impacted by a lack of rainfall in some areas this year, per the news agencies.India accounts for about 40% of global rice exports, according to the <a href="https://www.usda.gov/oce/commodity/wasde/wasde0822.pdf">US Department of Agriculture,</a> or USDA. The country's moves to levy a 20% tax on some rice grades while restricting broken rice are expected to push up prices of the staple grain amid a surge in food prices worldwide.China and the Philippines are the world's top two importers of the staple grain, according to the USDA.As the prices of <a href="https://www.businessinsider.com/food-shortage-explained-charts-grain-sunflower-prices-record-highs-2022-4">wheat and corn</a> rallied this year on the back of the Ukraine war, rice prices remained <a href="https://www.bloomberg.com/news/articles/2022-03-08/rice-could-keep-asia-s-food-inflation-risks-from-getting-worse">relatively stable,</a> giving inflation-weary consumers some reprieve. But India's latest move may change that, and shift demand from India to its competitors."With this duty, Indian rice shipments will become uncompetitive in the world market. Buyers will shift to Thailand and Vietnam," B.V. Krishna Rao, the president of the India Rice Exporters Association, told Reuters. The two Southeast Asian countries are the world's second- and third-largest rice exporters globally.After <a href="https://www.businessinsider.com/india-bans-wheat-exports-says-ukraine-war-threatens-food-security-2022-5">wheat</a> and <a href="https://www.businessinsider.com/india-limits-sugar-exports-food-protectionism-inflation-security-2022-5">sugar</a>, rice is now the third major agricultural commodity in India to face export restrictions this year. The wave of <a href="https://www.businessinsider.com/food-protectionism-countries-restrict-exports-security-inflation-wheat-palm-beef-2022-5">food protectionism</a> comes amid supply concerns and inflation fears.

India, the world's top rice exporter, just slapped a 20% tax on some rice exports. It could further fuel food inflation.

<ul class="summary-list"><li><keyword id="11906678" type="UNKNOWN" weightage="60" keywordseo="thailand" source="Orion">Thailand</keyword> and <keyword id="11906679" type="UNKNOWN" weightage="60" keywordseo="vietnam" source="Orion">Vietnam</keyword> — two of the world's top <keyword id="11909002" type="UNKNOWN" weightage="60" keywordseo="rice" source="Orion">rice</keyword> producers — are talking about hiking prices.</li><li>Thailand's government spokesperson said they are aiming to increase farmer income and bargaining power.</li></ul>Two of the world's top rice producers are in discussions to raise prices together, <a href="https://www.reuters.com/article/thailand-vietnam-rice/update-1-thailand-aims-for-pact-with-vietnam-to-raise-rice-prices-idUSL2N2XJ0GG">Reuters</a> reported, citing Thai government spokesperson Thanakorn Wangboonkongchana."We aim to raise rice prices, increase farmer income and increase bargaining power in the global market," Thanakorn said on Friday, per Reuters. "The rice price has been low for more than 20 years while the cost of production has been increasing."Thailand and Vietnam are the world's second- and third-largest rice exporters after India. A price increase in the staple grain would be bad <keyword id="11893589" type="UNKNOWN" weightage="60" keywordseo="news" source="Orion">news</keyword> for billions of people across the world, especially as it comes on top of soaring <a href="https://markets.businessinsider.com/news/commodities/wheat-prices-soar-over-4-india-bans-exports-commodities-2022-5">wheat</a> prices.Thai Commerce Minister Jurin Laksanawisit told reporters on Friday that the country's rice exports are getting a boost this year due to a recovery in global demand and as the country's currency falls to a five-year low against the US dollar, which is used in the trade of commodities internationally, per <a href="https://www.bloomberg.com/news/articles/2022-05-27/thailand-wants-to-join-hands-with-vietnam-to-control-rice-trade">Bloomberg.</a>Vietnam's agriculture ministry did not immediately respond to Insider's or Reuters' requests for comments.Vietnam's <keyword id="11894142" type="UNKNOWN" weightage="60" keywordseo="food" source="Orion">Food</keyword> Association played down the prospect of measures to boost prices ahead of a June meeting with its Thai counterparts."The meeting will focus on measures to cooperate in sustainable food production," Nguyen Ngoc Nam, the chairman of Vietnam's Food Association, told Reuters. "It's not reasonable to talk about raising or controlling rice prices at this time when the global food price is on the rise."Neither Thailand nor Vietnam are facing a shortage in rice supply this year, according to data from the <a href="https://www.usda.gov/oce/commodity/wasde/wasde0522.pdf">US Department of Agriculture.</a> However, like in many countries, inflation in both countries has risen sharply in the last year, putting pressure on the government to soften the impact on their populations. About 30% and 40% of the population in <a href="https://thailand.un.org/en/103307-thai-agricultural-sector-problems-solutions">Thailand</a> and <a href="https://www.fao.org/3/cb3956en/cb3956en.pdf">Vietnam</a> respectively are employed in the agricultural sector, according to the United Nations.Consumer prices in Thailand are hovering around a 13-year high, having gained 4.71% on-year in April, according to data from the country's <a href="http://www.indexpr.moc.go.th/price_present/cpi/data/index_47_e.asp?list_month=04&amp;list_year=2565&amp;list_region=country">Commerce Ministry.</a> Prices in Vietnam rose 2.86% on-year in May, according to data from the <a href="https://www.gso.gov.vn/en/cpi/">country's statistics office.</a>But consumers could turn to other major exporters for rice — like top exporter India — for supplies."If Thailand and Vietnam try to jack up the prices, obviously price-sensitive buyers in Africa will shift towards India," B.V. Krishna Rao, president of the All India Rice Exporters Association, told Reuters. He said neither country has approached India about participating in a rice cartel, Reuters reported.Benchmark export prices for Thai rice have averaged $420 a metric ton this year — 16% higher than India's $363 a ton, per Reuters. Indian trade and government sources told <a href="https://www.reuters.com/world/india/india-has-no-plans-curb-rice-exports-local-supplies-surge-2022-05-26/">Reuters</a> on Friday that there were no plans to limit rice exports.

2 of the world's top rice producers are reportedly in discussions about hiking prices, and it's bad news for buyers

New Delhi, Jan 5 () India's basmati rice exports to Iran are likely to be affected because of rising tensions between the US and the Islamic republic, with domestic trade body AIREA asking exporters not to undertake any shipment till the situation improves.
 Iran is an important export destination for India and if shipments get affected then it will impact domestic prices and in turn farmers' income, the All India Rice Exporters Association (AIREA) said.
 During the last fiscal, India exported basmati rice worth Rs 32,800 crore, of which nearly Rs 10,800 crore worth rice was shipped to Iran.
 "In the current situation, it is not possible to export basmati rice to Iran. We have issued an advisory to our members to be cautious and not to execute further shipments till the situation gets clearer," AIREA President Nathi Ram Gupta told .
 Tensions in the Middle East ratcheted up on Friday after top Iranian commander Qasem Soleimani was killed in a US drone strike in Iraq.
 Basmati rice exports to Iran were hit last year as well following US sanctions on the country.
 About Rs 900 crore payment is still pending from basmati rice exported till June 2019, Gupta said.
 Non-export of basmati rice to Iran will lead to surplus stock in the country, pulling down the rates and affecting the farmers, he added.
 Normally, basmati rice exports start from November onwards when the fresh crop arrives. So far, not much has been exported, he said.
 The shipments placed by the Iranian government through issue of letters of credit (LCs) have also been kept on hold. "Some quantity is lying at ports," Gupta said.
 Annually, the Iranian government issues LCs for purchase of 2 lakh tonnes of basmati rice from Indian private traders. Rest of the trade is done by private parties from both the nations.
 In its advisory, AIREA said: "In view of growing uncertainty, exporters members should take extreme caution not to execute any further shipment to Iran till the situation gets clearer."
 "If exporters choose to ship basmati rice to Iran, they will do so entirely at their risk," the advisory added.
 During April-November period of the current fiscal, India exported 23.64 lakh tonnes of basmati rice worth about Rs 17,700 crore, of which nearly Rs 4,500 crore exports went to Iran.
 A rice exporter said that about Rs 1,500 crore payments could be stuck from Iranian importers. LUX MJH ABM
ABM

Suspend basmati exports to Iran till situation improves: AIREA advisory to members

Owing to poor rain in major <keyword id="13726" type="General" weightage="20" keywordseo="rice" source="Orion">rice</keyword> producing states like <keyword id="6357713" type="General" weightage="80" keywordseo="uttar-pradesh" source="Orion">Uttar Pradesh</keyword>, Bihar and West Bengal, the Centre on Thursday imposed 20 per cent duty on export of various grades of rice. According to a <keyword id="47209" type="General" weightage="80" keywordseo="finance-ministry" source="Orion">Finance Ministry</keyword> notification, 20 per cent <keyword id="139959" type="General" weightage="20" keywordseo="export-duty" source="Orion">export duty</keyword> on rice in husk, husked rice and milled rice has been imposed which would be applicable from September 9. The move would help rein in prices of rice across the country. The decision to impose 20 per cent export duty on rice comes after wheat exports were banned in May. Inadequate rainfall in rice producing states has raised concerns of poor output, which has led to the imposition of export duty on the commodity. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/what-does-the-missing-sim-card-slot-on-iphone-14-mean-for-users/articleshow/94075327.cms">What does the missing SIM card slot on iPhone 14 mean for users</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/ecommerce/news/online-festival-sales-likely-to-be-28-higher-than-pre-covid-levels-at-11-8-billion-report/articleshow/94076810.cms">Online festival sales likely to be 28% higher than pre-Covid levels at $11.8 billion: report</a>

Government imposes 20% export duty on rice

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><a href="http://pictures.reuters.com/C.aspx?VP3=SearchResult&amp;VBID=2C0BXZ3JPQ6_U&amp;SMLS=1&amp;RW=1277&amp;RH=906&amp;PN=6&amp;POPUPPN=343&amp;POPUPIID=2C0408WEBRO1B">Reuters/Athit Perawongmetha</a>A migrant worker unloads sacks of rice from a barged to a cargo ship on The Chao Phraya River in Bangkok.</div></div></div>Back in 2011, Thailand was the world's largest exporter of rice, accounting for about 30% of the global market.Then, prime minister Yingluck Shinawatra introduced a <a href="http://www.businessinsider.com/thailands-giant-pile-of-rice-threatens-to-flood-global-markets-2012-10">controversial rice scheme</a> where the government would pay farmers almost 50% more than market prices. The idea was that the since almost 40% of Thailand's labor force worked in agriculture, it would make the average Thai wealthier while also <a href="http://thediplomat.com/2015/05/the-rice-and-fall-of-yingluck-shinawatra/">creating a rice shortage</a> by taking supply off of the market. In theory, the government would then be able to sell the rice at an even higher price. However, prices didn't rise as much as the Thai government was anticipating, and then <a href="http://world.time.com/2013/07/12/how-thailands-botched-rice-scheme-blew-a-big-hole-in-its-economy/">competitors (India and Vietnam)</a> began to flood the market and lower their prices. That left Thailand with a ballooning inventory of rice and warehouses filled to their brims. Fast forward to 2016, and Yingluck has been out of office for two years after being removed by a military coup. Thailand is now the <a href="http://www.worldstopexports.com/rice-exports-country/">number two rice exporter in the world</a>, trailing rival India, and its rice stockpile is still enormous. <div class="KonaFilter image-container display-table"><div><div class="image on-image">Deutsche Bank</div></div></div>However, there might finally be some relief in sight. The El Niño of 2015/2016 has caused <a href="http://www.businessinsider.com/extreme-drought-problematic-for-thailand-2016-1">drought conditions</a> across much of China, India, and Southeast Asia. And while <a href="http://www.businessinsider.com/r-thailand-plans-steps-worth-285-million-to-help-drought-hit-rice-farmers-2016-2">farmers in Thailand</a> and elsewhere in the region are being devastated by the weather, the Thai government has an opportunity to unload a good portion of its stockpile. Here's Deutsche Bank (emphasis ours):According to the US Department of Agriculture (USDA), Thailand's rice inventory is set to drop by almost 50% to 5.2mn MT in 2016 on the back of a projected decline in domestic output to a five-year low of 15.8mn MT. And the good news doesn't stop there. Deutsche Bank says (emphasis ours)"It is highly plausible, in our view, that Thailand would take this El Nin~o episode as an opportunity to clear its huge stockpile and regain market share as shipments of rival exporters will likely be curbed by reduced domestic output. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/global-economy-biggest-threat-2016-4">FORMER GREEK FINANCE MINISTER: The single largest threat to the global economy</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="4wNWo1MzE6mCXkk1XHZUEjn1PYYwkNot" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

A crazy decision led Thailand to stockpile tons of rice, but everything could be about to change

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Kham/ReutersA sign which reads "Land for sale or for lease" is seen placed on a drought-affected rice field in Bac Lieu province, in the Mekong Delta, Vietnam March 30, 2016.</div></div></div>Vietnam's breadbasket southwestern region has been hit by the worst drought in <a href="http://www.usatoday.com/story/news/world/2016/04/21/vietnams-mekong-delta-hit-worst-drought-90-years/83231314/">90 years,</a> badly damaging the nation's economy.The Southeast Asian country saw a huge slowdown in economic growth in the first quarter as agriculture output dropped sharply. GDP growth slipped to 5.6% year-over-year in the first quarter, down from 6.7% in 2015, according to statistics cited by a Capital Economics team led by Gareth Leader. The drought, partially attributed to this year's El Niño, could also lead to a serious reduction in <a href="http://www.bloomberg.com/news/articles/2016-04-18/drought-killing-vietnam-rice-crops-compounds-mekong-water-crisis">exports</a> of major goods produced in the region, including rice, seafood, and coffee, according to Capital Economics.<div class="KonaFilter image-container display-table"><div><div class="image on-image">Kham/ReutersA farmer harvests dried sugarcane on her drought-stricken farm in Soc Trang province in the Mekong Delta, Vietnam March 31, 2016. Picture taken on March 31, 2016.</div></div></div>Water levels in Vietnam's Mekong Delta, a region <a href="http://www.usatoday.com/story/news/world/2016/04/21/vietnams-mekong-delta-hit-worst-drought-90-years/83231314/">that a</a><a href="http://www.usatoday.com/story/news/world/2016/04/21/vietnams-mekong-delta-hit-worst-drought-90-years/83231314/">ccounts for</a> 50% of Vietnam's rice and fruit production, 90% of its rice exports, and 60% of shrimp and fish exports, are at their lowest levels since 1926. Moreover, a <a href="http://reliefweb.int/sites/reliefweb.int/files/resources/Vietnam%20Consolidated%20Report%20on%20Drought%202015-2016-Final_11%20Mar%202016.pdf">report from the United Nations found</a> that nearly 393,000 acres of rice in Vietnam have been lost, and an additional 1.24 million will likely be damaged by mid-2016. Those losses have already had huge effects on production: The first quarter of 2016 saw rice output fall by 6.2% year-over-year, which reduced Vietnam's total agricultural production by 2.7%, according to figures cited by <a href="http://www.bloomberg.com/news/articles/2016-04-18/drought-killing-vietnam-rice-crops-compounds-mekong-water-crisis">Bloomberg</a>.And the immediate future for rice doesn't look much brighter. The chief executive officer of Intimex Group, a Vietnamese exporter of agricultural products, <a href="http://www.bloomberg.com/news/articles/2016-04-18/drought-killing-vietnam-rice-crops-compounds-mekong-water-crisis">told Bloomberg</a> that rice exports from Vietnam could drop by 10% this year.<div class="KonaFilter image-container display-table"><div><div class="image on-image">Kham/ReutersA shrimp farm affected by drought is seen in Bac Lieu province, in the Mekong Delta, Vietnam March 30, 2016. Picture taken on March 30, 2016.</div></div></div>Not only does this affect the livelihoods of the Vietnamese farmers, but it also affects the biggest buyers of Vietnamese agricultural goods."People in Indonesia and the Philippines will go hungry if the Thais and Vietnamese don't produce enough rice," Richard Cronin, director of the Southeast Asia Program at the Stimson Center in Washington, <a href="http://www.bloomberg.com/news/articles/2016-04-18/drought-killing-vietnam-rice-crops-compounds-mekong-water-crisis">told Bloomberg</a>."This is a preview of the longer-term effect of development and climate change to the Mekong Delta."<div class="KonaFilter image-container display-table"><div><div class="image on-image">Kham/ReutersA woman and her son search for fish in the pools created by a drought irrigation system in Soc Trang province in the Mekong Delta, Vietnam March 30, 2016. Picture taken March 30, 2016.</div></div></div>Notably, this drought comes at a time when some analysts are getting a bit concerned about Vietnam's <a href="http://www.businessinsider.com/vietnams-ambitious-growth-target-might-be-out-of-reach-2016-3">growth overall</a> - not just in the agriculture sector. Although Vietnam saw the third fastest growth in Asia in 2015 - behind only India (7.3%) and China (6.8%) - and the government set an ambitious 6.7% growth target for 2016, analysts have a few concerns."The current pace of credit growth is unsustainable [and] worryingly the central bank is targeting faster credit growth this year," noted the Capital Economics team. "Meanwhile, although the dong has remained stable against the dollar since the start of the year, a low level of foreign exchange reserves means the currency is vulnerable to shifts in investor sentiment."In short, they noted, "there are questions over the sustainability of the current boom." <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/amazing-facts-about-octopus-2016-3">Humans are finally starting to understand the octopus, and it's mind-boggling</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="VtbTVoMjE6YLwiZmc67EPMJyh4CCyVIm" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Vietnam is being crippled by its worst drought in nearly a century

(Image source- pixabay.com) <ul><li>The Indian government has approved a new policy to double agricultural exports to $60 billion by 2022, the same year by which it intends to double farmer incomes. </li><li>Under the policy, all restrictions on the <keyword id="35094" type="ORGANIZATION" weightage="20" keywordseo="export">export</keyword> of organic and processed food items will be lifted. These include mandi (wholesale) taxes, minimum export prices, duties and quota restrictions. </li><li>Not only will this help <keyword id="45092" type="COMPANY" weightage="20" keywordseo="farmers">farmers</keyword> tap into foreign markets better, but will stabilise export flows and improve relations with <keyword id="44844" type="ORGANIZATION" weightage="20" keywordseo="Trade">trade</keyword> partners. </li><li>The policy will also involve a number of initiatives such as the standardisation of agricultural produce, the development of supply chains and shipping infrastructure, the amendment of conflicting regulations and investment in R&amp;D. </li></ul>Prime Minister Narendra Modi has always stressed that one of his administration’s key priorities is to boost farmer incomes, the progress on which has been hindered by persistently low retail food prices. With this in mind, on 6 December, his Union Cabinet <a href="http://www.pib.nic.in/PressReleseDetail.aspx?PRID=1554960">approved a new policy</a> to double agricultural exports to $60 billion by 2022, the same year by which it intends to double farmer incomes, and make India one of the world’s 10 largest agricultural exporters. The move follows a wave of farmer protests in India with the goal of obtaining better prices and a waiver of farm loans. Under the policy, all restrictions on the export of organic and processed food items will be lifted. These include mandi taxes, which are fees levied on the sale of produce that vary from state to state, minimum export prices, duties and quota restrictions. In addition, perishable exports will be granted single-window clearance. Not only will this help farmers tap into foreign markets better, but will stabilise trade flows and improve relations with partners as export bans and duties often tend to be a sticking point during trade negotiations. In the past, the Indian government has instituted export bans on certain food items in response to soaring domestic demand. The policy will also involve a number of initiatives such as the standardisation of agricultural produce, the development of supply chains and shipping infrastructure, the amendment of conflicting regulations and investment in logistics and technology to make smallholder-farmers trade-ready. India’s agricultural exports, which roughly comprise a tenth of the country’s overall merchandise exports, are currently dominated by three items: basmati <keyword id="13726" type="PERSON" weightage="20" keywordseo="rice">rice</keyword>, meat and marine products. In an attempt to diversify India’s exports, the central government will invest ₹14 billion to merge a variety of export incentive schemes and set up specialised export-focused clusters in a number of agricultural strongholds in India. There will be clusters dedicated to tea, coffee, bananas, mangoes, pomegranates and spices like turmeric, Suresh Prabhu, the Union Minister of Commerce and Industry, told <a href="https://economictimes.indiatimes.com/news/economy/policy/union-cabinet-approves-agriculture-export-policy/articleshow/66974576.cms">media outlets</a>. To ensure quality control in terms of production, logistics and distribution, a programme called “Brand India” will also be set up with the participation of state governments and private investors. Each state will also be expected to establish a specific department that will be tasked with implementing the agricultural export policy. One of the major aims envisioned under the policy is too boost the export of value-added items and to cause a shift in India’s current practice of exporting residual produce and make it become a producer of commodities that are exclusively for the export market. SEE ALSO: <a href="https://www.businessinsider.in/india-might-revive-tea-exports-to-iraq-as-sanctions-on-trade-with-iran-loom/articleshow/66968276.cms">India might revive tea exports to Iraq as sanctions on trade with Iran loom</a> <a href="https://www.businessinsider.in/indias-government-is-launching-an-online-logistics-portal-to-boost-exports/articleshow/65528157.cms">India’s government is launching an online logistics portal to boost exports</a> <a href="https://www.businessinsider.in/india-could-soon-become-the-worlds-largest-sugar-producer-but-heres-why-thats-a-problem/articleshow/65657844.cms">India could soon become the world’s largest sugar producer but here’s why that’s a problem</a>

India just approved a new policy with the aim of doubling agricultural exports by 2022

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Thomson ReutersOusted former Prime Minister Yingluck Shinawatra greets in a traditional way as she arrives at Parliament before the National Legislative Assembly meeting in Bangkok</div></div></div>Thailand's military junta has <a href="http://www.abc.net.au/news/2016-10-21/thai-junta-fines-former-pm-yingluck-over-rice-scheme/7955798">fined former prime minister Yingluck Shinawatra</a> 35 billion baht ($1.3 billion) and ordered to have her assets seized as the result of a rice stockpiling scheme that went awry, Australia's ABC News reports. Back in 2011, Thailand was the world's largest exporter of rice, accounting for 30% of the global market. Yingluck, who was prime minister at the time, introduced a <a href="http://www.businessinsider.com/good-news-thailand-rice-stockpile-2016-5">scheme</a> that would pay farmers a price 50% above current market value for their rice. The idea was concocted ahead of the July 2011 election, which Yingluck ultimately won, and was designed to make Thai farmers wealthier while also taking supply off of the global market. In theory, Thailand would then able to sell the rice at a higher price because there was less supply.However, things didn't go according to plan. Prices didn't rise as much as Thailand anticipated, and other big rice producers like India and Vietnam saw this as an opportunity to flood the market. Thailand was left with heaping rice inventories and warehouses filled to the brim. In 2014, <a href="http://www.bbc.com/news/world-asia-27530817">Yingluck was overthrown by a military coup</a>, and now more than five years after the rice scheme was introduced, Thailand is the world's second largest rice exporter, trailing rival India. "In terms of the order, it is not right and it is not just," Yingluck told reports outside a Bangkok court, according to ABC News. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/waffle-house-index-used-track-hurricanes-fema-matthew-2016-10">FEMA is tracking Hurricane Matthew using the 'Waffle House Index'</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="RqdTJkNjE6P7Zz1ngH-16GYRNnLnymBd" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Thailand is fining its former prime minister $1.3 billion for her decision to stockpile tons of rice

Lucknow, The Yogi Adityanath-led government in <keyword id="6357713" type="COMPANY" weightage="20" keywordseo="Uttar-Pradesh">Uttar Pradesh</keyword> has emerged as the <keyword id="10620394" type="UNKNOWN" weightage="20" keywordseo="fifth-largest-exporter">fifth largest exporter</keyword> of <keyword id="6390251" type="UNKNOWN" weightage="20" keywordseo="goods">goods</keyword> during the <keyword id="8902449" type="UNKNOWN" weightage="20" keywordseo="covid-19-pandemic">Covid-19 pandemic</keyword>. Goods like <keyword id="13726" type="PERSON" weightage="20" keywordseo="rice">rice</keyword>, <keyword id="6375143" type="UNKNOWN" weightage="20" keywordseo="medicines">medicines</keyword>, <keyword id="183803" type="PERSON" weightage="20" keywordseo="carpets">carpets</keyword>, silk, fertilisers, <keyword id="31653" type="ORGANIZATION" weightage="20" keywordseo="sugar">sugar</keyword>, <keyword id="25284" type="ORGANIZATION" weightage="20" keywordseo="toys">toys</keyword> and fish from the state have been exported abroad. The state government made efforts under its 'ease of doing business' policy to offer big concessions to the exporters so that all the products could be easily shipped abroad. According to the latest data released by the Central government, Uttar Pradesh outpaced many states, including Telangana, Kerala, Punjab and West Bengal, in terms of exports during the pandemic. During the pandemic, between April 2020 and November 2020, goods (including milk, flour, sugar, artificial flowers, rice, silk etc.) worth ₹72,508 crore were exported from Uttar Pradesh. Similarly, from April to November 2020, exports of flour, bakery and milk were doubled. Between April and November 2020, food grains worth ₹1054.20 crore were exported from Uttar Pradesh. According to export-oriented traders, black rice from Chandauli district in Uttar Pradesh is in huge demand in foreign countries. Nepal, Bangladesh and other South Asian countries have received a large number of ODOP products from Uttar Pradesh. The state's exports have been steadily increasing since the formation of the Yogi Adityanath government. In 2017-18, goods worth ₹88,967.42 crore were exported from the state. Products worth ₹1,14,042.72 crore and ₹83,999.92 crore were exported in 2018-19 and 2019-20, respectively. Uttar Pradesh has now started working towards developing the 'Make in UP' brand. For this, preparations are underway to develop each district as an export hub. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/home-first-finance-company-hffc-is-set-to-launch-its-1153-crore-ipo-on-january-21/articleshow/80341439.cms?upcache=2">Warburg Pincus-backed Home First Finance Company to launch ₹1,153 crore IPO on January 21</a> <a href="https://www.businessinsider.in/international/news/top-ten-likely-global-risks-in-2021-according-to-the-world-economic-forum/slidelist/80346013.cms">From climate action failure to monopoly in the tech world — the world needs to wake up to these global risks in 2021, says the World Economic Forum</a> <a href="https://www.businessinsider.in/budget/news/indian-government-budget-dilemma-curb-the-sale-of-cigarettes-or-let-the-over-12-billion-tobacco-industry-provide-the-much-needed-cash/articleshow/80340422.cms">Indian government’s budget dilemma – curb the sale of cigarettes or let the over $12 billion tobacco industry provide the much needed cash</a>

You Searched For "rice exports" and got 9 results

India, the world's top rice exporter, just slapped a 20% tax on some rice exports. It could further fuel food inflation.

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2 of the world's top rice producers are reportedly in discussions about hiking prices, and it's bad news for buyers

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Suspend basmati exports to Iran till situation improves: AIREA advisory to members

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Government imposes 20% export duty on rice

IANS

A crazy decision led Thailand to stockpile tons of rice, but everything could be about to change

Jonathan Garber

Vietnam is being crippled by its worst drought in nearly a century

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India just approved a new policy with the aim of doubling agricultural exports by 2022

Dilsher Dhillon

Thailand is fining its former prime minister $1.3 billion for her decision to stockpile tons of rice

Jonathan Garber

UP emerged as fifth-largest exporter of goods during COVID-19 pandemic

IANS

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