Asian rice prices crash 11% in one week, biggest drop in 16 years

The main rice price index in Asia recently recorded its biggest drop in 16 years. This is due to India, the largest rice importer, restricting exports to stabilize domestic prices amid a poor harvest.
Bloomberg News reported on the 3rd, citing data from the Thai Rice Exporters Association, that the export price of 5% broken Thai white rice, the Asian benchmark, rose 11% from the previous week on the previous day.
The price of one ton fell to $509 (approx. JPY 74,750) from $570 (approx. JPY 83,700) the previous week, the largest drop since May 2008.
This is the lowest price in five months. Rice prices in Asia had been at their peak until last year. The price of "5% broken grain Thai white rice" was $650 per ton (approximately 95,500 yen) in December last year.
0 yen), the highest level in 15 years since October 2008. However, with the emergence of an oversupply phenomenon this year, Indian authorities have recently relaxed some of the export restrictions.
In South Korea, the recent glut has left the country in a difficult position. As of the 25th of last month, the price of rice was 43,648 won (about 4,800 yen) for 20 kg, down from a year ago.
This is a 13.1% decrease from 52,020 won (about US$55).