|
|
Rice prices jumped 30 per cent to an all-time high on Thursday, raising fears of fresh outbreaks of social unrest
Rice prices jumped 30 per cent to an all-time high on Thursday, raising fears of fresh outbreaks of social unrest across Asia where the grain is a staple food for more than 2.5bn people.
The increase came after Egypt, a leading exporter, imposed a formal ban on selling rice abroad to keep local prices down, and the Philippines announced plans for a major purchase of the grain in the international market to boost supplies. Global rice stocks are at their lowest since 1976.
While prices of wheat, corn and other agricultural commodities have surged since late 2006, the increase in rice prices only started in January.
The Egyptian export ban formalises a previously poorly enforced curb and follows similar restrictions imposed by Vietnam and India, the world’s second- and third-largest exporters. Cambodia, a small seller, also on Thursday announced an export ban.
These foreign sales restrictions have removed about a third of the rice traded in the international market.
According to director general of the Philippines-based International Rice Research Institute (IRRI), the world is already eating more rice than is harvested annually and stocks are at their lowest levels since the early to mid-1970s, when food shortages triggered famine in some Asian countries.
Nearly half the planet's 6.6 billion people depend on rice to survive and demand for the grain is expected to increase 50 % by 2030. Average rice prices have nearly doubled to around $325 PMT in the past six years.
oryza.com/Global-Rice/Global-Rice-Shortage.html
|
 |
|
116 Views
|
0 Thumbs Up
|
0 Comments
|
|
Email
|
