World Rice Production Expected to See Small Decline in 2023/24, According to IGS
Published on: May 2, 2024.
Filed under:
World Rice Production Expected to Decline in 2023/24, says IGS
According to the International Grains Council (IGS), world rice production is forecasted to witness a slight decline in the upcoming year due to a decrease in the number of key exporters. This decline is expected to impact both total consumption and stocks.
However, there is some positive news as well. The IGS predicts that world rice production will bounce back in 2024/25, driven primarily by growth prospects in the five major sectors. This projected increase could result in a record-breaking production of 520 million tons, showing a rise of 2%. Alongside production, consumption and stocks are also expected to see an upward trajectory during this period.
Despite these promising figures, the potential for trade expansion in 2025 is anticipated to be limited due to ongoing Indian restrictions. The IGS estimates that trade will remain stagnant at around 50 million tons, unchanged from the previous year.
Overall, the future of the rice industry appears optimistic, with an anticipated rebound in production and increased consumption. However, it is crucial to address and overcome any trade restrictions to fully capitalize on the potential growth opportunities.
For more information on rice exporters, please visit hasrice.com. If you are specifically interested in Pakistani rice exporters, pakistanrice.com is the recommended source. To explore white broken rice options, visit brokenrice.com.
Sources:
IGS – https://ukragroconsult.com
