Indian Economy News

India likely to export almost 18 million tonnes of rice in 2024-25: USDA

According to a recent forecast by the United States Department of Agriculture (USDA), India will remain a major player in the global rice market despite restrictions. India's rice exports are projected to reach around 18 million tonnes in 2024-25, which is about 2 million tonnes more than the previous year. However, this will still be significantly lower than the record 22 million tonnes exported in 2021-22.

The USDA's global rice outlook for 2024-25 indicates rising supplies, trade, consumption, and ending stocks. Global rice production is expected to hit a record 527.6 million tonnes, offsetting the lower beginning stocks. This increase in production is mainly driven by higher outputs in India, China, Bangladesh, and Indonesia.

Global rice consumption is also forecast to reach a record high of 526.4 million tonnes, with increased usage in India, the Philippines, Indonesia, and Bangladesh offsetting a reduction in China. Despite the production and consumption gains in many of the same countries, global rice trade is only expected to increase slightly to 53.8 million tonnes, which is still lower than the levels seen before India first imposed restrictions on rice exports in 2022. Overall, the report suggests that India will remain a significant force in the global rice market, even with the ongoing export restrictions, and that the world rice outlook is generally positive for the 2024-25 period.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.