HS Code:
Rice, classified under HS Code 1006, encompasses various types including husked, milled, broken, and other forms of rice used primarily for human consumption. It is a staple food for over half of the world's population, particularly in Asia, Africa, and Latin America. The global trade of rice is influenced by factors such as climatic conditions, agricultural policies, and trade agreements. Major varieties traded include long-grain, medium-grain, and aromatic rice like Basmati and Jasmine.
Total Trade Volume
Approximately 50 million metric tons
Data from 2022
Source
United Nations Comtrade Database and FAO Statistics
21.5 million metric tons
43% of global exports of total trade
Increasing
8.5 million metric tons
17% of global exports of total trade
Stable
7.0 million metric tons
14% of global exports of total trade
Increasing
4.8 million metric tons
9.6% of global exports of total trade
Stable
3.2 million metric tons
6.4% of global exports of total trade
Decreasing
Average Rate
20%
Highest Rate
Up to 75% in certain markets like Japan and South Korea to protect domestic farmers
Lowest Rate
0% under free trade agreements (e.g., ASEAN countries)
Rising demand for premium rice varieties
Increased exports of Basmati and Jasmine rice, benefiting countries like India and Thailand with higher revenue per ton
2021-2022
Climate change affecting production
Erratic weather patterns and water scarcity have reduced yields in key regions, leading to price volatility and supply concerns
2020-2022
Shift towards sustainable farming
Growing consumer preference for organically grown rice has prompted exporters to adopt sustainable practices, influencing trade certifications
2019-2022
India partially lifted its ban on non-Basmati white rice exports to stabilize global supply after domestic prices stabilized.
September 2023
Expected to lower global rice prices and increase supply to importing countries in Africa and the Middle East.
Thailand and Vietnam signed a bilateral agreement to stabilize rice prices and ensure supply chain resilience in the ASEAN region.
March 2023
Strengthens regional trade ties and reduces price volatility for rice in Southeast Asia.
The El Niño weather phenomenon has led to reduced rainfall in key rice-producing areas, affecting yields in countries like the Philippines and Indonesia.
June 2023
Increased import dependency in affected regions, driving up demand for rice from major exporters.