Supplies increase year to year on record production at 527.6 million tons that more than offsets lower beginning stocks

Photo: Bloomberg

India will remain a leading player in the world rice market despite restrictions, according to a recent projection by the United States Department of Agriculture (USDA).

It accounts for almost 18 million tonnes of rice exports in 2024-25, which is around two million tonnes more than the previous year.

India’s rice exports will be a sizeable chunk of the global trade, but it will still be much lower than the record 22 million tonnes it exported in 2021-22, USDA said.

On the world rice markets, it said the global rice outlook for 2024-25 is for rising supplies, trade, consumption, and ending stocks.

Supplies increase year-to-year on record production at 527.6 million tonnes, which offsets the lower beginning stocks. 

The global crop is primarily driven by an increase in production in India, China, Bangladesh, and Indonesia. The global consumption is projected at a record 526.4 million tonnes, on the back of higher use in India, the Philippines, Indonesia, and Bangladesh, offsetting a reduction for China.

“With the production and consumption gains projected in many of the same countries, global trade is forecasting up only slightly at 53.8 million tonnes, but still lower than levels of trade before India first imposed restrictions on rice exports in 2022,” USDA added.

Published Date: May 12, 2024