Rice production is falling and driving up prices for more than 3.5 billion people across the globe, as it is set to log its largest production shortfall in two decades
Workers cultivate rice seedlings at an agricultural service station in Hangzhou in east China's Zhejiang province Sunday, April 16, 2023.
"The global rice production deficit situation will increase the cost of importing rice for major rice importers such as Indonesia, Philippines, Malaysia and African countries in 2023," said Tjakra. Fitch Solutions estimates that the global rice market will return to"an almost balanced position in 2023/24."
Fitch further projects that the prices of rice could drop almost 10% to $15.50 per hundredweight in 2024.
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