2005, a record-breaking year for the world rice economy
FAO forecasts a contraction in trade in 2006
7 April 2006, Rome - 2005 was a record-breaking year for the world rice economy, according to the FAO Rice Market Monitor published today.
“For the third consecutive season, global paddy production experienced a brisk expansion, which lifted it to an all time high of 628 million tonnes. Growth reflected relatively favourable weather conditions in Asia, western Africa and South America and the positive effects of high prices in 2004, which had fostered a general increase in plantings,” according to the report.
Based on a first and very tentative forecast, global paddy production in 2006 could rise to 634 million tonnes, 6 million or 1% more than in 2005. However, forecasts will remain highly tentative, at least until August/September, when more information on the South-West monsoon in Asia will be available.
With regard to trade, tight domestic supplies in a number of countries confronted with production shortfalls in 2004 prompted a surge of global imports in calendar 2005 to a record volume of 29 million tonnes.
For calendar 2006, FAO forecasts have been lifted to 27.8 million tonnes, but they remain 4.1 percent lower than in 2005. The contraction from last year's exceptional performance is anticipated to be mainly import-driven, as demand by several major importing countries is expected to weaken, according to the report.
The FAO Rice Market Monitor is a service provided by FAO’s Commodities and Trade Division to facilitate access to and exchange of information of relevance to rice markets. It is published four to five times a year.
Clisk here to read the full report.
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