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In July 2023, India sparked fresh concerns as the world adjusted to the disruptions caused by the Russia-Ukraine war on global grain supplies and prices. India placed an export ban on non-basmati white and broken rice.
The global rice prices have softened notably in recent weeks because of the expected ample global supplies thanks, among other things, to India easing export restrictions. The rice prices from various origins have moderated significantly from the higher levels. They are currently trading at levels of about USD 550 a tonne (as of August 2024), compared with levels of about USD 650 a tonne at the end of 2023
In July 2023, India sparked fresh concerns as the world adjusted to the disruptions caused by the Russia-Ukraine war on global grain supplies and prices. India placed an export ban on non-basmati white and broken rice.
Global rice prices rallied in the following months, as many were concerned about possible supply shortages. India accounts for roughly 26% of global rice production.
In 2023, India’s government was worried about inflation ahead of the upcoming elections. The rice supply chain has shown resilience in the recent days. Other rice exporters such as Pakistan, Thailand, the United States, Vietnam, China, Cambodia, and Myanmar had a good crop in the 2023-24 season, which helped to ease the fears and to avail the supplies.
South Africa is a major beneficiary. It imports 100% of its rice requirements. It consumes a million tons of rice every year. The dry weather in the country is not conducive to rice cultivation.
Thailand is the leading rice supplier to South Africa, accounting, on average, for 74% of rice import volume a year in the past five years. India is the second largest rice supplier to South Africa, boasting an average annual share of 21% over the past five years. Other rice suppliers to South Africa include Pakistan, Vietnam, China, Australia, the US, and Brazil.
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https://trendsnafrica.com/egypt-to-monitor-supply-of-essential-commodities-to-address-shortages/
The International Grains Council forecasts 2024-25 global rice production at 528 million tonnes, up 1% year-on-year. There are expectations for a good harvest in India, Vietnam, Thailand, the US, Pakistan, China, India, Bangladesh and Pakistan, among others.
