Rice is an important ingredient of the global diet. It is a rich source of carbohydrates. As such, people around the globe consume it for its rich calorific value. With the rise of globalization and liberalization, even countries deficient in rice production started exporting rice from the surplus production countries.
After the freight rates have gone up by 50% the Indian basmati rice exporters are facing massive issues with trade. To curb these issues and to continue export the rice exporters are renegotiating prices with the importers in Australia, Canada and The US.