The global rice supply for this year until 2020 is expected to register the slowest growth in 13 years as consumption outpaces production because more countries are projected to turn to rice as a staple.
This was disclosed in the latest report of the Global Agriculture Information Network (GAIN), where it pegged global rice supply to reach 499.9 million metric tons, which is slightly higher compared to the previous level of 495 million MT.
Similarly, global consumption is expected to rise by 1.5 percent to 489.5 million MT, with the Philippines seen to contribute to the trend given the expected abundance of local rice supply and more affordable imports.
Following the passage of the Rice Import Liberalization Law, which will deregulate rice trade, GAIN forecast an increase in the country’s imports by 200,000 MT to 2.8 million MT.
Countries in Sub-Saharan Africa are also growing rice as a staple to cope with rising population, given the affordability of the crop. —KARL R. OCAMPO