The Philippines To Drive Global Rice Consumption Next Year USDA

1. The Philippines To Drive Global Rice Consumption Next Year: USDA The Philippines To Drive Global Rice Consumption Next Year: USDA Rice is one of the most consumed agro-commodity around the world. From biryanis to kheers, a wide range of cuisines can be made out of it and hence the global demand for rice remains high all-round the year. However, not all the countries enjoy favorable weather conditions and soil type which promotes rice cultivation and hence the Asian nations play a crucial role in the global rice trade. Countries namely India, Thailand, and Vietnam are the leading Rice Exporters around the world, and every year, they collectively export bulk rice that helps meet global rice consumption needs. Rice exporters from these nations generate huge revenue and profit via export of the staple and as it seems, they are likely to have good business this time around as well. According to the United States Department of Agriculture (USDA), global rice consumption is set to increase in the 2023-2024 marketing year with the Philippines being the key driver. USDA’s Forecasts USDA’s Forecasts Citing that global rice consumption is going to increase in the 2023-24 marketing year, the United States Department of Agriculture (USDA) has revised its forecast from 523.022 million MT earlier to 523.772 million MT at present.

2. The USDA in its report said “global consumption is up with increases from India and the Philippines. Imports are forecast higher, mainly for Kenya and the Philippines.” The USDA has attributed this anticipated rise in global rice consumption to increased consumption from the Philippines. The Philippines: Key Contributor To The Anticipated Rise In Global Rice Consumption The Philippines: Key Contributor To The Anticipated Rise In Global Rice Consumption Located in Asia, the Philippines is the second largest rice importer in the world, behind China and as per the latest forecast by the United States Department of Agriculture (USDA), the rice consumption of the country is anticipated to increase to 16.5 million MT from 16.3 million MT earlier during the 2023-2024 period. If that happens, the domestic rice consumption of the Philippines will exceed the local rice production which is estimated to stand at 12.6 million MT. To address the shortfall, the Philippines is likely to import huge volumes of rice and believing the same, the USDA has raised its rice import projection for the Philippines from 3.6 million MT earlier to 3.8 million MT at present for the next year. The Bottom Line The Bottom Line In a report published recently, the United States Department of Agriculture (USDA) forecasted rise in global rice consumption from 523.022 million MT earlier to 523.77 million MT at present for the 2023-24 marketing year. The USDA has identified the Philippines as the key driver for this rise in global rice consumption and has raised the overall rice import forecast for the Asian nation from 3.6 million MT earlier to 3.8 million MT at present for the next year. If you are a Rice Exporter looking to export bulk rice or are a Rice Importer looking to buy rice in bulk, then Tradologie.com is the platform for you. Tradologie is a SAAS platform that facilitates bulk trade of agro-commodities from the point of enquiry to delivery, completely in a digital manner. The platform currently has over 600,000 verified buyers and 70,000+ verified suppliers in its network and is growing day by day. To register as a seller, click here. To register as a buyer, click here. To stay updated with the recent happenings of agro-trade industry, do follow Tradologie across all social media channels.