Bangladesh Bans Rice Exports
(Reuters photo from Pakistan)
Bangladesh, fearing social unrest caused by rising food prices, announced today that (like India) it would ban rice exports, a policy that would remain in place for six months.
Though Bangladesh is not a major rice exporter (it's the 4th largest importer), this is yet one more sign that rising food prices have wider implications. Bangladesh has already had protests over the price of food. Protests over food prices have also been reported in countries across the globe, including Egypt, Haiti, India, Indonesia, Pakistan, the Phillipines, and Somalia.
To make matters worse, the UN reports that Cyclone Nargis devastated Myanmar's (Burma's) main rice-growing region. Until now, Myanmar has not needed to import rice. Myanmar's sudden need is sure to affect the world market, as well as the citizens and leaders of Myanmar.
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