Rice price forecast this year / the world will face a shortage of basic goods this year

According to the report of the International Economic Group of Fars News Agency, citing Rashatudi, based on the data of Fitch Solutions, it is predicted that the production of basic goods, especially rice, will face a serious decline this year.

According to the statistics announced by Fitch Solution, in the crop year 2022-23, we will see a shortage of 8.7 million tons of food in the world, which is unprecedented since 2003.

According to global rice data, 502.9 million tons of rice were produced last year, which ranked third after corn and wheat. A serious decline has been encountered.

China is the largest producer of rice in the world, which sent 148 million tons of rice to the market in 2021-22. This country was affected by heavy rains and floods in the second half of last year, which severely affected this year’s production. Currently, this country is experiencing the highest level of drought that has been unprecedented in the past decades, and analysts believe that production in this country Will be reduced.

On the other hand, Pakistan, which accounts for 8% of world trade, faced heavy rains this year, which reduced production in this country by 31%.

In addition, it is predicted that India, the second largest producer of rice in the world, will be negatively affected by the intense heat in the second and third quarters of this year, and the yield of this country will decrease.

According to analysts, European rice-producing countries such as France, Germany and England have the worst drought in the last 20 years, which will affect the production of these countries.

Analysts expect rice to remain at current highs, more than double that of 2020. World rice prices now remain at $16-$18 per CWT equivalent (50.8 kg).

Analysts believe that in addition to supply restrictions, the price of rice is affected by the war between Russia and Ukraine, which has caused the price to rise. Rice has become an attractive alternative to wheat and has increased demand.

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