New Articles

The World’s Best Import Markets for Rice

rice market

The World’s Best Import Markets for Rice

Rice is one of the most widely consumed staple foods across the globe. With its versatility and affordability, it has become a crucial component of diets in many countries. Although rice production is distributed globally, there are certain nations that rely heavily on imports to meet their domestic demand. In this article, we will explore the top import markets for rice and provide key statistics and insights.

1. China

China holds the top position as the world’s largest import market for rice. In 2022, the import value of rice in China amounted to a staggering 2.7 billion USD. This significant demand is mainly due to the country’s high population and the traditional consumption of rice as a staple food. China relies on various rice-producing countries to fulfill its import needs.

2. Philippines

The Philippines is the second-largest import market for rice globally. The import value of rice in the country reached 1.3 billion USD in 2022. Rice is a vital part of Filipino cuisine, and the country’s production alone is not sufficient to meet the domestic demand. Therefore, imports play a crucial role in ensuring an adequate rice supply to the population.

3. Iran

With an import value of 1.2 billion USD, Iran holds the third position among the world’s top import markets for rice. Due to population growth and limited arable land, Iran heavily relies on imports to meet its rice consumption needs. The country imports rice from various countries, including neighboring nations and major rice exporters.

4. United States

Despite being a major agricultural producer, the United States still imports a considerable amount of rice. In 2022, the import value of rice in the US was 1.2 billion USD. Rice cultivation in the US is mainly focused in southern states, and the demand in other regions is met through imports. The US also imports specialty rice varieties to cater to diverse consumer preferences.

5. Iraq

Iraq stands as one of the prominent import markets for rice with an import value of 978.2 million USD in 2022. Rice is a staple in the Iraqi diet, and domestic production is not sufficient to meet the demand. Imports, particularly from neighboring countries and major exporters, ensure a stable rice supply to the population.

6. Kuwait

Kuwait is a country heavily reliant on rice imports. In 2022, the import value of rice in Kuwait amounted to 860.2 million USD. Rice is a popular food item in Kuwaiti cuisine, and the country imports sizable quantities to fulfill domestic consumption. The imports primarily come from countries like India, Thailand, and Pakistan.

7. Cote d’Ivoire

Cote d’Ivoire, also known as Ivory Coast, holds a significant position among the world’s import markets for rice. The import value of rice in the country reached 806.5 million USD in 2022. While Cote d’Ivoire is an agricultural producer, rice cultivation is limited, and imports bridge the gap between domestic supply and demand, especially for specific rice varieties.

8. Vietnam

Vietnam, known for its high-quality rice production, is also a major importer of the commodity. In 2022, the import value of rice in Vietnam was 689.6 million USD. Despite its robust rice cultivation industry, Vietnam imports certain rice types to cater to consumer preferences and to maintain a stable supply in the domestic market.

9. Japan

Japan, a country with a rich culinary culture, relies on rice imports to meet its consumption needs. The import value of rice in Japan was 665.5 million USD in 2022. Although Japan is an efficient rice producer, the limited arable land and changing dietary habits have led to increased imports to supplement the domestic production.

10. Benin

Benin is another significant import market for rice. In 2022, the import value of rice in Benin amounted to 665.3 million USD. The country’s domestic rice production is insufficient to meet the growing demand, and therefore, imports play a critical role in ensuring food security and maintaining stable prices.

These top import markets for rice clearly indicate the importance of trade in meeting the global demand for this essential staple food. While some countries rely on imports due to limited agricultural capabilities, others supplement their domestic production with imports to cater to specific consumer preferences. Understanding the dynamics of these import markets is crucial for both exporters and importers in the rice industry.

About IndexBox

IndexBox is a leading market intelligence platform that provides valuable insights and data on various industries, including the rice market. Their comprehensive data helps businesses make informed decisions and stay up-to-date with market trends. By utilizing IndexBox’s data, industry players can identify potential opportunities and challenges in the import and export markets. In conclusion, the top import markets for rice, such as China, the Philippines, Iran, the United States, Iraq, Kuwait, Cote d’Ivoire, Vietnam, Japan, and Benin, showcase the global reliance on imports to meet the demand for this vital food staple. These markets play a significant role in ensuring food security and sustaining the dietary needs of their populations.

Source: IndexBox Market Intelligence Platform 


Rice Price to Stabilize on Adequate Supply and Low-Cost Shipments from India

IndexBox has just published a new report: ‘World – Rice – Market Analysis, Forecast, Size, Trends and Insights’. Here is a summary of the report’s key findings.

This year, rice prices are forecast to ease, thanks primarily to rising production and exports from India, Thailand, Vietnam, China, and Pakistan. India dominates global trade, more than doubling its supplies at a competitive cost over the past two years.

Rice prices are predicted to drop this year with sufficient supply worldwide, a new report published by IndexBox states. According to USDA data, global milled rice production is forecast to remain stable, totalling 510M tonnes. World’s total exports will reach 51M tonnes, which includes paddy, milled, semi-milled and broken rice, staying at the previous year level.

Sufficient exports from Thailand, Vietnam, China, Pakistan, and low-cost rice supplies from India are set to provide price stability this year. According to the World Bank forecast, the average price for white rice from Thailand (5% broken, FOB, Bangkok) will drop by 12% y/y to near $400 per tonne in 2022. Last year, the prices for Thailand’s rice fell by approx. 8% y/y, while Vietnamese white rice (5% broken, FOB, Hanoi) rose in price by 4% y/y to $446 per tonne.

India dominates global trade, boosting total rice exports twofold to over 20M tonnes during the past two years. Due to increasing Minimum Price Support (MSP) for rice, India managed to sharply expand the harvested area and ramp up output and exports, offering the product at competitive prices on the global market. India has also invested massive funds in its deep-water ports to ship in bulk in addition to the typical containers.

Global Rice Exports by Country

Global rice exports were estimated at 46M tonnes in 2020, rising by 9.8% on the previous year. In value terms, supplies expanded notably to $25.2B (IndexBox estimates).

India represented the major exporting country with an export of around 15M tonnes, which accounted for 32% of total exports. It was distantly followed by Thailand (5.7M tonnes), Viet Nam (5.6M tonnes), Pakistan (4M tonnes), the U.S. (3.3M tonnes) and China (2.3M tonnes), together constituting a 45% share of total exports. Myanmar (2M tonnes), Brazil (1.4M tonnes), Uruguay (1M tonnes), Paraguay (0.9M tonnes), and Italy (0.8M tonnes) occupied a minor share of total exports.

In value terms, India ($8B) remains the largest rice supplier worldwide, comprising 32% of global exports. The second position in the ranking was occupied by Thailand ($3.7B), with a 15% share of global exports. It was followed by Viet Nam, with an 11% share.

From 2018 to 2020, the average annual growth rate in terms of value in India amounted to +4.2%. In the other countries, the average annual rates were as follows: Thailand (-18.7% per year) and Viet Nam (+3.2% per year).

Source: IndexBox Platform

rice exports

Crowding Competitors Out with Lower Prices, Indian Exports Dominate the Global Rice Market

IndexBox has just published a new report: ‘World – Rice – Market Analysis, Forecast, Size, Trends and Insights’. Here is a summary of the report’s key findings.

Over 2020-2021 period, the global rice market displayed robust production indicators. Despite a pronounced shortage of shipping containers threatening to disrupt supplies to Africa, the global rice export market continues to expand. India maintains its status as the largest exporter, boasting the most competitive rice export prices.

Key Trends and Insights

Over 2020, rice production worldwide increased by 2.0 million tonnes against previous year figures, surging to a record 503.2 million tonnes (according to USDA data).

Africa, a key rice importer, may encounter a shortage in rice supplies, following a global lack of shipping containers in 2021. Despite the fact that rice production in Africa has increased by 10% over the past 5-year period, the continent continues to rely heavily on imports.

Over the 2019-2020 period, India exported a record 14.5K tonnes of rice, maintaining its dominant export position worldwide. The bumper crop yield seen over the past two years has enabled India to maintain competitively low prices, thereby displacing Pakistan’s and Myanmar’s exports from the African market. In 2021, it is projected that increased supplies to Bangladesh will further boost Indian exports. China is now redirecting its national rice stores for domestic consumption and has reduced the volume of rice exports to Africa.

Over the 2020-2021 period, India boasted the most competitively low prices ($370 per ton of nonparboiled white rice), while prices for Vietnamese rice surged, following a stocks shortage until the beginning of the rice crop yield ($515 per ton of 5-percent broken kernel long-grain milled rice), becoming comparable with Thai rice prices. The price for rice from the USA, Uruguay and Argentina now exceeds $600 per ton.

India to Feature Increasing Consumption and Export Volumes

The global rice market reached $363.8B in 2019, flattening at the previous year. The figures in this article relate to all types of rice (paddy, milled, etc.) in total.

The countries with the highest volumes of rice consumption in 2019 were China (211M tonnes), India (168M tonnes) and Indonesia (57M tonnes), together comprising 57% of global consumption. These countries were followed by Bangladesh, Viet Nam, Myanmar, Thailand and the Philippines, which together accounted for a further 21% (IndexBox estimates).

From 2012 to 2019, the biggest increases were in the Philippines, while rice consumption for the other global leaders experienced more modest paces of growth.

In value terms, China ($114.7B) led the market, alone. The second position in the ranking was occupied by Bangladesh ($57.1B). It was followed by the Philippines.

The countries with the highest levels of rice per capita consumption in 2019 were Myanmar (472 kg per person), Viet Nam (390 kg per person) and Bangladesh (330 kg per person).

From 2012 to 2019, the biggest increases were in India, while rice per capita consumption for the other global leaders experienced mixed trends in the per capita consumption figures.

After two years of growth, overseas shipments of rice decreased by -9.8% to 39M tonnes in 2019. The total export volume increased at an average annual rate of +1.5% over the period from 2012 to 2019.

In value terms, rice exports dropped to $23.1B (IndexBox estimates) in 2019. In general, exports, however, continue to indicate a relatively flat trend pattern.

In 2019, India (9.8M tonnes), distantly followed by Thailand (5.8M tonnes), Viet Nam (5.5M tonnes), Pakistan (4.6M tonnes), the U.S. (3.6M tonnes) and China (2.1M tonnes) represented the largest exporters of rice, together creating 80% of total exports. Brazil (1,063K tonnes), Paraguay (738K tonnes), Myanmar (733K tonnes) and Italy (679K tonnes) followed a long way behind the leaders.

From 2012 to 2019, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by China, while exports for the other global leaders experienced more modest paces of growth.

In value terms, the largest rice supplying countries worldwide were India ($6.8B), Thailand ($4.2B) and Viet Nam ($2.4B), together comprising 58% of global exports. Pakistan, the U.S., China, Italy, Brazil, Myanmar and Paraguay lagged somewhat behind, together comprising a further 28%.

The average rice export price stood at $584 per tonne in 2019, increasing by 5.3% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. Over the period under review, average export prices attained the maximum at $621 per tonne in 2012; however, from 2013 to 2019, export prices remained at a lower figure.

Source: IndexBox AI Platform