Mumbai, April 26 (Commoditiescontrol): Fitch Solutions forecasts the largest global rice production shortfall in two decades for 2023, resulting in decade-high rice prices that are expected to persist until 2024.
Charles Hart, Fitch Solutions' commodities analyst, stated that the strained rice supply is due to the ongoing war in Ukraine and weather issues in China and Pakistan, both significant rice-producing economies.
The decline in rice production is affecting countries worldwide, from China to the US to the European Union, but particularly in the Asia-Pacific region, which accounts for 90% of global rice consumption.
Analysts predict that major rice importers will be severely affected by this significant grain deficit, resulting in high prices.According to Fitch Solutions Country Risk & Industry Research, the price of rice will remain at current highs of $17.30 per cwt throughout 2023, only easing to $14.50 per cwt in 2024.
(By Commoditiescontrol Bureau: +91-9820130172)
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