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USDA Lowers Global Rice Trade Forecasts in 2023, 2024.
Aug 17, 2023

The United States Department of Agriculture (USDA) announced August 15 it had lowered its global rice trade forecasts for 2023 and 2024 following India’s ban on exports of non-basmati white rice in July.
 
The USDA reduced its forecast for 2023 by 1.9 million tons to 53.8 million total tons, and by 3.4 million tons to 52.9 million tons for 2024.
 
The reduction of rice exports from India in 2024 is expected to be partially offset by increased export forecasts for Russia, Pakistan, Vietnam and Brazil. Meanwhile, import forecasts fell for several major importers based in Asia and Sub-Saharan Africa in both 2023 and 2024.
 
U.S. rice production is projected to increase by 27% during 2023 and 2024, while American rice exports will grow by 25% during the same period.
 
'For both years, the global export forecast is sharply lowered due to India’s July 20-announced immediate ban on sales of non-basmati and non-parboiled milled rice to ensure domestic availability of non-basmati rice and prevent higher domestic prices,' the USDA said in a report. India accounts for slightly more than 40% of global rice exports and ships rice to around 140 countries.
    
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