Severe weather events have badly hit rice growing in both Pakistan and China – though there should still be abundant supplies to meet global demand.
Pakistan, the world’s fourth-largest rice exporter, suffered extensive damage to agriculture, including rice, as floods ravaged large swathes of its farmland.
In China, extremely high tem-peratures at the end of August have taken a toll on rice output.
However, there are con-siderable global rice stockpiles at present while the crop outlook in India is improving thanks to the arrival of rain.
Food prices have soared in markets across Pakistan as devastating rains ruin crops and disrupt supplies, an early sign of how the worst floods in decades are creating food shortages at a time of financial crisis.
China’s Agriculture Minister Tang Renjian expressed concern that high temperatures and drought have hit rice production in the eastern provinces of Jiangsu and Anhui.
Bangladesh plans to import around 1.2 million tonnes of rice over the next few months to shore up reserves and cool high domestic prices.
A senior Bangladeshi food ministry official said the country is buying 530,000 tonnes of rice from India, Vietnam and Myanmar under government-to-government deals and is in talks with major producers India, Vietnam and Thailand.
Indian rice prices climbed to their highest in more than a year recently at around $383 per tonne, although the market is well below the 2021 high of $405 and 2020 peak of $427.50.
Thailand and Vietnam, the world’s second and third largest rice exporters respectively, have agreed to cooperate on raising prices, a move aimed at increasing leverage in the global market and boosting farmers’ incomes.
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