INDIA SET TO REMAIN LEADING PLAYER IN GLOBAL RICE MARKET DESPITE RESTRICTIONS: USDA

May 24, 2024

The USDA said that India will contribute to a major part of the rice exports in the global market, however, it is anticipated to be much lower in comparison to 2021-22.

India is expected to remain the leading player in the global rice market, the latest projection by the United States Department of Agriculture (USDA) revealed. This development comes in spite of the restrictions imposed by the country on the exports. 

India is expected to contribute nearly 18 million tonne of rice exports in 2024-25, about 2 million tonnes higher than the previous year, the department said, reported Business Standard. The USDA noted that India will contribute to a major part of the rice exports in the global market, however, its exact figure is anticipated to be much lower in comparison to the record exports of 22 million tonne in 2021-22. 

Sharing an outlook for the global rice market in 2024-25, the department said that the world market is expected to witness surging supplies, trade, consumption, and diminishing stocks. 

The body noted that supplies are estimated to increase to touch a record production level at 527.6 million tonne, which should help offset the lower inventory in the beginning. 

Notably, India, China, Bangladesh, and Indonesia account for the majority of the crop production in the world. The global consumption of rice is estimated to touch a record 526.4 million tonne, owing to an increase in usage in India, the Philippines, Indonesia, and Bangladesh, while China is expected to clock a decline in consumption. 

The USDA further noted, “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.”

Source: ABP News

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