The International Grains Council, IGC, in its recent report has predicted that global trade in rice is projected to fall by almost 7% on year in 2008 to 27.6 million MT due tighter supplies.

The IGC's April projection of global rice trade this year is also lower by 5.8% against the council's rice trade forecast in March.

The council said lower supplies in the export market and a continuing bull run in rice prices are expected to result in a sharp contraction in global rice trade for the year. 

 Among suppliers, India's exports this year are projected to fall 40% to 3 million MT following a complete ban on exports of non-basmati rice in late March.