India’s rice trade at risk in Red Sea attacks

India’s lucrative rice trade is at risk after repeated attacks on its ships on the Red Sea. Since mid-November 2023, Iran-backed Houthi rebels have been striking cargo vessels — even some bound for Iran — as part of a wider strategy to disrupt global supply chains.

New Delhi is worried its exports of basmati rice, worth USD$3.97 billion in export earnings (for the period April-December 2023), could be hit. On an official visit to Tehran in November 2023, Indian External Affairs Minister S Jaishankar told his Iranian counterpart the attacks were “…a matter of great concern to the international community” and “obviously, it also has a direct bearing on India’s energy and economic interests.”