Global rice prices are not expected to decrease significantly before 2025

Published Jan 3, 2024

Tridge summary

In 2023, the global rice market experienced severe fluctuations due to export restrictions from India, impacting countries that rely on Indian white rice. Rising world rice prices and limited supply became a major threat to global food security. Despite a temporary decrease in rice prices in late 2023, the World Bank predicts that global rice prices will continue to increase in 2024 due to export restrictions, the El Nino weather phenomenon, and increased demand for rice as an alternative to other grains impacted by the Russia-Ukraine conflict and other factors.
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

In 2023, the global rice market will witness strong fluctuations due to rice export restrictions from India, the world's largest rice exporter. In addition, Climate Change, especially the complicated El Nino weather phenomenon, has affected key rice producing countries. Rising world rice prices and limited supply have become a new threat to global food security. The market "erupts" after India's ban. On July 20, India issued a ban on the export of ordinary rice. The order to stop rice exports was issued by India in the context of rice prices in this country having increased more than 11.5% within 1 year (as of the date the ban was issued). In addition, unfavorable weather developments during the Spring-Summer rice crop further motivated the Indian Government to make this decision. The export halt order is said to help India boost domestic food supply and control inflation. India is the world's leading rice supplier with 40% market share, followed by Thailand and Vietnam. Although ...
Source: Vinanet
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