Indonesia: Increase in national rice production in 2024 potentially 1.5 million tons

Rice

Indonesia

Market & Price Trends

Published Jan 24, 2024

Tridge summary

Professor Dwi Andreas Santosa from Bogor Agricultural Institute predicts a potential rise in national rice production by 0.9 million to 1.5 million tonnes in 2024, which could lead to a decrease in food prices. However, he warns that a large rice stock could result in price drops, negatively impacting farmers. He suggests reconsidering rice import decisions to protect farmers. He also forecasts a decrease in prices of various food ingredients due to increased production. Global corn and soybean production are also expected to rise, leading to a fall in their prices.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

REPUBLIKA.CO.ID, JAKARTA -- Bogor Agricultural Institute (IPB) Professor Dwi Andreas Santosa and Research Associate at the Indonesian Center for Reform on Economics (CORE) said there is potential for an increase in national rice production of 0.9 million to 1.5 million tonnes. in 2024. He also said there would be a potential decline in food prices this year. "There is potential for an increase in rice production in 2024 of between 0.9-1.5 million tonnes," said Andreas in a discussion on the Economic Outlook for Strategic Sectors 2024 in Jakarta, Tuesday (23/1/2024). The government has set rice imports in 2024 at three million tons. Meanwhile, according to Andreas, there is potential for an increase in rice production in the same year. Rice production in 2024 is estimated to increase by 3-5 percent. If there is a large rice stock, he is worried that the price of rice will fall, causing losses to producers or farmers. "If the stock is large, the price will definitely drop more than ...

Source: Republika