Singapore has decided to allow private importers to bring in more rice than they usually do as a hedge against likely domestic shortages.

According to Senior Minister of State for Trade and Industry S.Iswaran, importers have requested to bring in more stock to meet increased demand from consumers and MTI is supportive of this move.  Although there has been a rally in global rice prices after several countries banned or restricted exports in recent months, there is no evidence to suggest a shortage of rice in the domestic market, he said.

Global rice prices have risen nearly 60% since the start of the year and more than doubled from the same time last year after major exporters such as Egypt, Vietnam and India banned or limited exports in recent months to ensure domestic availability.