India’s rice exports in 2020 may rise by nearly 42% from a year ago to record highs because of reduced shipments from rival exporters and a depreciating rupee, industry officials said this week.

Higher shipments from India, the world’s biggest rice exporter, could cap global prices, reduce the country’s bulging inventories and limit Indian state stockpiler purchases from farmers.

India’s rice exports could jump to 14 million tonnes in 2020, up from last year’s 9.9 million tonnes, the lowest in eight years, said B V Krishna Rao, president of the Rice Exporters Association.

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