“Fitch Solutions” revealed that declining rice production has lifted prices for more than 3.5 billion people worldwide, particularly in the Asia-Pacific region, which consumes 90 percent of the world's rice. According to “Fitch Solutions”, the global rice market is heading for its biggest shortage in two decades in 2023.
According to the report, rice prices are expected to remain near current high levels until 2024.
“Fitch Solutions” predicted that the global shortage for 2022/2023 will reach 8.7 million tons, representing the largest global rice shortage since 2003/04 when global rice markets experienced a shortage of 18.6 million tons.
Source (Al Khaleej Emirati Newspaper, Edited)
