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Title : Global Rice Shortage Looming
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Global Rice Shortage Looming

 

CNBC: Global rice shortage is set to be the biggest in 20 years 

* Rice production for 2023 is set to log its largest shortfall in two decades, according to Fitch Solutions. 

* “At the global level, the most evident impact of the global rice deficit has been, and still is, decade-high rice prices,” Fitch Solutions’ commodities analyst Charles Hart told CNBC. 

* There’s a strained supply of rice as a result of the ongoing war in Ukraine, as well as weather woes in rice-producing economies like China and Pakistan. 

From China to the U.S. to the European Union, rice production is falling and driving up prices for more than 3.5 billion people across the globe, particularly in Asia-Pacific – which consumes 90% of the world’s rice. 

The global rice market is set to log its largest shortfall in two decades in 2023, according to Fitch Solutions. And a deficit of this magnitude for one of the world’s most cultivated grains will hurt major importers, analysts told CNBC.  

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Update: World facing largest rice shortage in 20 years: Whats causing it, how badly will India be affected? (First Post)  

WNU Editor: I was talking to a friend who lives in China this morning, and he gave me the heads-up on this story when he mentioned to me that he has been shocked by how much rice has increased in price in the past few months. My friend is well-off, so he can afford any price increases. But for those who cannot, and the fact that these shortages are going to last into 2024, for many in Asia hard times are coming.

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