India banned exports of most types of rice to curb price hikes in the domestic market, the Directorate General of Foreign Trade of India reported on Saturday.
According to a notice published on the website of the Directorate, exports of all types of white rice except basmati rice will be restricted.
Rice exports that started shipping before the announcement of the ban will be allowed, but all other rice exports will be banned after August 31.
Shipments will also be allowed under the Indian government's authorization to other countries based on a request from their authorities to ensure food security.
India accounts for 40% of global rice exports, Bloomberg reports, and prices in Asia rose to their highest level in two years in July. Importers are stockpiling because of fears that the onset of the El Niño phenomenon will damage the crop, leading to plantation drought and crop damage.
According to India's food ministry, rice prices in Delhi rose 15% in 2023, compared with an average price increase of 8%.
Experts have warned that the decision could lead to a rise in global food prices.