2-10-2023 (KUALA LUMPUR) Malaysia’s government has assured its citizens that there is an ample supply of rice in the market and has urged them not to engage in panic-buying of locally produced rice. Agriculture and Food Security Minister Mohamad Sabu expressed that the government is addressing supply concerns caused by rising prices of imported rice. This surge in prices is a result of India’s restrictions on rice exports, which have led to a 20% reduction in global supplies.
Sabu highlighted that locally produced rice in Malaysia is priced at 2.60 ringgit ($0.55) per kilogram, making it one of the most affordable options in the region. However, the sole importer, Padiberas Nasional Berhad, increased the price of imported white rice by 36% on September 1. Consequently, many Malaysians shifted from imported to locally produced rice due to the price differential.
He explained that the rise in imported rice prices is beyond their control since 19 countries, including India, have curtailed rice exports to meet their domestic needs. Malaysia imports approximately one-third of its rice supply. Sabu emphasized that Malaysia does not suffer from a rice shortage but is addressing the price increase of imported rice. He urged people not to panic-buy and only purchase what they need.
To ensure an adequate supply of rice in rural areas, the government plans to increase the distribution of local rice. Additionally, the government will subsidize the price of imported rice in two economically disadvantaged states on Borneo Island. Authorities will also intensify monitoring of rice wholesalers and shops to prevent hoarding of local rice. Strict action will be taken against anyone caught repackaging local rice as imported or mixing the grains for profit.
Sabu’s statements came ahead of this week’s meeting of Southeast Asian agriculture and forestry ministers, where the rice crisis and food security will be discussed. These ministers from the Association of Southeast Asian Nations (ASEAN) will also convene with their counterparts from China, Japan, and South Korea.
