World rice production to decline slightly in 2023/24 – IGS

The International Grains Council forecasts that due to a decline in the number of key exporters, world rice production in 2023/24 is expected to decline slightly year-on-year, and total consumption and stocks are also expected to decline.

World rice production is projected to resume an upward trend in 2024/25, driven mainly by growth prospects in the five major sectors, to reach a record 520 million tons (+2%), with consumption and stocks also expected to increase. However, as Indian restrictions are expected to remain in place, the potential for trade expansion in 2025 (Jan/Dec) is limited at around 50 million tons, unchanged year-on-year.

Tags: crop forecast, rice