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Islamabad, Pakistan – The global prices for different varieties of rice dropped on Monday after India and Pakistan made tit-for-tat moves to eliminate price caps and resume rice exports.

On Saturday, the Indian government lifted a ban on the export of non-Basmati white rice more than a year after it blocked overseas sales, with a larger crop yield in 2024 bolstering state warehouse reserves for domestic needs.

This decision followed Pakistan’s announcement a day earlier to withdraw the minimum export price (MEP) for all rice varieties, a measure that had been in place since 2023 and set at $1,300 per metric tonne for Basmati rice, and $550 for non-Basmati rice.

Pakistan’s decision was influenced by India’s earlier removal of the MEP of $950 per metric tonne for Basmati rice in September.

India and Pakistan are the only countries that produce Basmati rice, known as “scented pearl”, for its unique flavour and aroma.

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