USDA cuts rice trade forecast for 2023, 2024 post India export ban

US Department of Agriculture (USDA) lowered the global rice trade forecast for calendar years 2023 and 2024 following India's ban on exports of non-basmati white rice. Trade estimate has been lowered by two million tonnes for 2023 and by 3.44 million tonnes for 2024. India accounts for over 40% of global rice exports, which was 56 million tonnes in 2022.