Rice Prices Remained Weak Across All Major Markets Last Month

06-Apr-2026 04:58 PM

Rome. The Food and Agriculture Organization (FAO)—a specialized agency of the United Nations—saw its aggregate rice price index fall to 100.1 points in March 2026. This figure represents a decline of 3 percent from the February level and approximately 4 percent from the level recorded in March 2025. According to the FAO report, a decline in rice prices was observed across various categories and varieties in all major producing and exporting nations.

According to the FAO report, the Asian continent leads the world in terms of rice production, consumption, and exports.

Due to the ongoing crisis in West Asia, a generally subdued market sentiment was observed in the rice sectors of exporting nations such as India, Thailand, Vietnam, Pakistan, Myanmar, and Cambodia.

Rice shipments to countries in the Gulf region were significantly disrupted. These nations collectively account for approximately 11 percent of total global rice imports. Countries in this region—including Iran, Iraq, Saudi Arabia, the United Arab Emirates, Qatar, Oman, Jordan, Bahrain, and Kuwait—import rice on a massive scale. Approximately 70 percent of India's Basmati rice exports are destined for these countries.

Owing to the conflict between Iran and Israel, rice shipments from exporting nations to the region either faced delays or required rerouting. Shipping and container freight rates surged significantly, and the signing of new trade contracts came to a near standstill.

Furthermore, the substantial depreciation of local currencies against the US dollar in the top three exporting nations—India, Thailand, and Vietnam—exerted additional downward pressure on rice prices.