FAO forecasts more rice production than consumption in 2012-13

The production of rice globally will be more than its demand in the year 2012-2013, the UN food agency forecasted November 19, 2012.

According to the Food and Agriculture Organisation (FAO)’s Rice Market Monitor (RMM), global rice production for 2012 is forecast to outpace consumption in 2012/13, resulting in an upward revision of five million tonnes in 2013 closing inventories.

“Compared to last year, world rice carryover stocks are expected to rise by 7%, or 10 million tonnes, to a new high of almost 170 tonnes, marking the eighth consecutive year of stock accumulation,” says the RMM.

The FAO further stated that the world rice stock-to-use ratio is “forecast to rise from 33.6% in 2012 to 35.5% in 2013”.

The FAO raised its July 2012 forecast for global rice production by 4.2 million tonnes to 729 million tones.

By Ekow Quandzie