Debated in Parliament on 4 Oct 2022.
Mr Chua Kheng Wee Louis asked the Minister for Trade and Industry (a) what is the Government's assessment on the impact of India's rice export ban and plans by Thailand and Vietnam to raise export prices for rice; and (b) what measures are being considered to mitigate the impact on rice imports by Singapore.
The recent ban on rice exports by India applies to the category of broken rice, of which consumption in Singapore is low. Thus far, there have been no confirmed plans by Thailand and Vietnam on raising export prices for rice.
Singapore has a multi-pronged strategy of import diversification and stockpiling to manage supply chain disruptions to rice imports. Under the Rice Stockpile Scheme (RSS), rice importers are required to hold a buffer inventory equivalent to twice their monthly imports. This helps to ensure an adequate supply of rice in the market. We review the inventory buffers regularly and stand ready to work closely with the industry if any adjustments are required.
In addition, a strong Singapore dollar through the Monetary Authority of Singapore (MAS)' tightening of monetary policy will help to mitigate the impact of higher rice and other food import prices. The Government has also provided support packages to assist lower-income and vulnerable Singaporeans, such as the $1.5 billion support package announced by the Ministry of Finance (MOF) in June this year.
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