Last year’s harsh weather events in the world’s major rice-producing regions generated a shortage of rice on the international market, affecting 3.5 billion rice consumers, particularly in the Asia-Pacific area. However, because India is a major player in the rice export market, it gave Indian paddy growers hope for greater pricing. China, the world’s largest producer and user of rice, faced a production shortfall. Guangxi and Guangdong province, its main rice-producing regions, experienced the second-highest rainfall in the last two decades, resulting in production losses. Pakistan, which accounts for around 8% of the rice export market, had an unprecedented flood, resulting in significant output losses.
The lack of rain during India’s kharif season reduced rice production. It did, however, meet its yearly target by increasing output during the rabi season. Clients were also lost as Pakistan’s production of basmati rice, a fragrant rice variety, decreased. Traders are now looking for Indian basmati producers to enhance production. India supplies 80% of the world’s basmati rice, with the remainder coming from Pakistan.
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