USDA: Global rice production will recover in the crop year 2023-2024

Published 2023년 5월 19일

Tridge summary

The USDA forecasts a decline in global rice production for the 2022-2023 crop year, but a significant increase is expected in the following year, reaching a new record of 521 million tons in 2023-2024. This recovery is led by increases in production in Pakistan, China, India, and other top producing countries. While global rice consumption is also projected to reach a record high of 520 million tons in the 2023-2024 crop year, global rice stocks are predicted to decrease for the third year in a row. Despite this, global rice imports are expected to remain stable in 2024. The import behavior of rice in different countries varies, with China remaining the world's top rice importer, while Indonesia and Iraq are projected to see a decrease in imports due to domestic production and lower demand, respectively. The European Union and sub-Saharan Africa are expected to continue as the largest importers of rice in 2024.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Output is expected to recover in the 2023-2024 season In its May report, the USDA forecast global rice production to decline by 5.4 million tons to 508.4 million tons in the 2022-2023 crop year. However, production is expected to recover strongly and increase by 12 million tons to a new record of 521 million tons in the year 2023-2024. The biggest increase was seen in Pakistan, where rice production is expected to recover after floods damaged crops in the 2022-2023 crop. Accordingly, Pakistan's production will increase from 5.5 million tons in the season 2022-2023 to 9 million tons in the season 2023-2024. In addition, China's production is forecast to increase by 3 million tons to 149 million tons after experiencing drought in southern provinces last year. India is also forecast to have a record crop for the eighth consecutive year with an output of around 133 million tonnes. Larger crops are also forecast in other top producing countries such as Indonesia, Myanmar, Thailand and ...

Source: Vinanet