Indonesia Secures 1 Million Tons of Rice Imports for 2024
Published on: April 2, 2024.
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Indonesia’s Rice Imports Reach 1 Million Metric Tons in 2024
Indonesia, a major rice consumer, has recently imported a whopping 650,000 metric tons of rice and has signed import contracts for an additional 350,000 tons for the year 2024. This significant import was confirmed by Bayu Krisnamurthi, the head of the State Food Procurement agency (Bulog), on Tuesday.
Out of the agreed 1 million tons for importation, more than half will be sourced from Vietnam, with the remaining portion coming from Thailand, Pakistan, and Cambodia. These imports are part of Indonesia’s rice import quota, which stands at 3.6 million tons for the year 2024.
Rice prices in Indonesia have witnessed a surge of approximately 20% over the past year. This increase can be attributed to the adverse impact of the El Nino weather phenomenon, which caused a significant reduction in rainfall across Asia in 2023. As a result, rice output was adversely affected, leading to a rise in food inflation.
However, there is some good news for Indonesia. The country is expected to have a surplus of 1.7 million tons of rice in the first half of 2024, according to the agriculture ministry. This surplus will be a result of the upcoming harvests, which are set to commence in March. These harvests will help offset the earlier weak crop output.
It is worth noting that Indonesia heavily relies on rice imports to meet its domestic demand. With the rising prices and the need to ensure food security, the country continues to engage in trade relationships with various rice exporters. The current imports from Vietnam, Thailand, Pakistan, and Cambodia are vital in bridging the gap between supply and demand.
For more information on rice exports, please visit [Source](https://www.tradingview.com){:target=”_blank” rel=”nofollow”}.
