Global rice prices remain sustained

In May, world rice prices rose by an average of 3.6%. Asian buyers are returning to the market, especially Indonesia, which has been largely absent from the import market for the last four years. The biggest increases were recorded in Pakistan and India. In India, prices have reached the highest levels of the last decade, but remain competitive with their main Asian competitors. The likely return of the El Niño climate phenomenon, with the expectation of a particularly severe episode in 2023, increases apprehension about rice production, which should put even more pressure on world prices in the coming months and during the first half of 2024. Therefore, the exportable supply remains satisfactory, with the exception of Pakistan, due to the 30% drop in production in 2022. Furthermore, it is expected that the three largest exporters in the world (India, Thailand and Vietnam), which account for 70% of of global supply, increase their exports in 2023. In India, rice prices have risen ...