Global rice production forecast to decline while consumption increases

According to the Center for Industry and Trade Information (Ministry of Industry and Trade), in a recent report (February 2023), the US Department of Agriculture (USDA) forecasts global rice production in 2022/2023 at 503 million USD. tons (milled). As such, the forecast for global rice production is 2% below the previous year's record and the first decline since 2015/2016. While raising its forecasts for rice production for Bangladesh, Sri Lanka, Thailand and Uzbekistan, the USDA lowered its forecasts for rice production for Argentina, Brazil, Cuba, the European Union and Vietnam. The global rice consumption forecast for the 2022/2023 crop year has been revised upward by 1.1 million tons from last month's report to 517.2 million, but still 2.7 million tons below record consumption. of the previous year. Bangladesh, China and Thailand account for the majority of the total upward revision of the world rice consumption forecast for 2022/2023. In contrast, USDA lowered its ...