India Rice Output Faces Biggest Drop in Two Decades
India's rice production is set for its largest decline in nearly twenty years due to below-normal rainfall. Despite lower yields and rising local prices, massive state inventories will allow the nation to maintain export levels.
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India's rice production is set to fall by around 10 million metric tons this year, marking its steepest decline in nearly two decades. The drop in the world's top exporting nation comes as below-normal monsoon rainfall threatens crop yields across key agricultural belts. Domestic prices are climbing, driving export costs higher in competition with suppliers like Thailand and Vietnam according to industry data released on Wednesday morning.
