Bright prospects for rice exports
Published on: October 7, 2022.
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The conflict between Russia and Ukraine is fueling a global food crisis that affects many countries and has sent prices to record levels. In response, many countries are increasing food reserves, opening up opportunities for rice exporters in Asia, including Vietnam.
Supply down, demand up
In its August report, the US Department of Agriculture (USDA) lowered the global rice production forecast for the 2022-2023 crop to 512.4 million tonnes, down 2.3 million tonnes compared with its previous forecast, and down 1.2 million tonnes compared with the 2021-2022 crop, due to decreased rice production in India, Bangladesh and Europe. The USDA also reduced its inventory forecast to 178.5 million tonnes, down 4.2 million tonnes compared with the previous forecast and down three percent compared with the 2021-2022 crop, marking the third consecutive year of rice inventory decline.
Source: https://en.vietstock.vn/2022/10/bright-prospects-for-rice-exports-970-490571.htm
