2023-09-11 12:47:08
The US Department of Agriculture lowers its forecast for the volume of global rice trade
The Agriculture Ministry cut its forecast for global rice trade for both calendar years 2023 and 2024 sharply in its latest report, due to India’s July 20 immediate ban on further sales of non-basmati and non-parboiled milled rice, which led to urgent buying by some importers. And a rapid slowdown in Asia.
According to the report, global export expectations for 2024 were reduced by 3.4 million tons to 52.9 million tons, with exports from India decreasing by 4.0 million tons to 19.0 million. “The decline in India’s exports in 2024 will be partially offset by rising export expectations for Brazil, Pakistan, Russia and Vietnam,” the report says.
The report indicated that global rice exports as of August fell by 1.9 million tons to 53.8 million, with India’s export expectations falling by 2 million tons to 20.5 million tons. Import forecasts for several major importers in Asia and sub-Saharan Africa have also been lowered for 2023 and 2024.
For its part, the global “IMRC” group specializing in grain and commodity research said that the size of the global rice market reached $294.8 billion in 2022. The group expects the market size to reach $345.8 billion by 2028, with a compound annual growth rate of 2.7% during the period 2023-2028.
Increasing food consumption around the world, rapid urbanization and the introduction of modern farming techniques and government policies are among the most important factors supporting the expansion of rice trade.
It is noteworthy that rice prices reached their highest levels in August, recording on August 30, $16.54, according to FAO data, following raw rice futures recorded on August 17, $15.98 per 100 weight (cwt) or ( hundredweight), noting that each weight unit of this type is equivalent to 50.8023 kilograms.
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