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››Rice prices rise 30% due to increased demand from West Asia and shortage of paddy acreage

Rice prices rise 30% due to increased demand from West Asia and shortage of paddy acreage

By Ninfa ALong
August 1, 2022
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Rice prices increase by 30% due to increased demand from countries and shortage of paddy acreage

New Delhi: Increased demand from countries like Bangladesh, Iran, Iraq and Saudi Arabia, coupled with a shortage of paddy acreage in several states across the country, has led to higher prices for all varieties of rice up to 30% since the beginning of June. This comes at a time when Indian households are already reeling from high inflation.
While Odisha and Chhattisgarh saw lower cereal plantings, the area under paddy, the main crop during the kharif season, was 13.3% lower across the country up to Saturday July 29 compared to at the same time last year. This was due to slow planting by farmers in major producing states of Uttar Pradesh, Bihar, Jharkhand and West Bengal due to poor rains.
Not only has this heightened concerns about a shortage of rice production, but higher export demand has further aggravated the price hike. “Bangladesh has started importing rice from India, which has impacted rice varieties preferred by Indian households like sona masoori, whose prices have increased by 20%,” said BV Krishna Rao, Chairman of the Rice Exporters Association, to Economic Times.

The paddy-growing area in the six northern and eastern states mentioned above lags 3.7 million hectares compared to the same period last year as of July 29. The deficit is close to a tenth of India’s kharif rice area of ​​39.7 million hectares.

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“Prices of all varieties of rice increased by 30 percent. Ratna variety of rice, which was priced at Rs 26 per kg, jumped to Rs 33… Prices of basmati rice also climbed by nearly 30 percent”. cent, from Rs 62 per kg to Rs 80, as the demand is very strong from Iran, Iraq and Saudi Arabia,” said Suraj Agarwal, CEO of Kolkata-based Tirupati Agri Trade.

Excluding increased demand from countries, the decline in acreage still involved nearly 10 million tonnes of production at an average yield of 2.6 tonnes per hectare. In the current Kharif season, India is targeting a production of 112 million tons of rice. Our production of the crop, including the winter crop, in fiscal year 2022 was 130 million tons, and exports were 21 million tons.

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