Latin America and the Caribbean: Paddy Rice Market 2024

Paddy Rice Market Size in Latin America and the Caribbean

The Latin American paddy rice market fell to $X in 2023, waning by X% against the previous year. The market value increased at an average annual rate of X% over the period from 2012 to 2023; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. Over the period under review, the market hit record highs at $X in 2022, and then contracted in the following year.

Paddy Rice Production in Latin America and the Caribbean

In value terms, paddy rice production contracted to $X in 2023 estimated in export price. The total output value increased at an average annual rate of X% over the period from 2012 to 2023; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2020 when the production volume increased by X% against the previous year. The level of production peaked at $X in 2022, and then dropped in the following year.

Brazil (X tons) remains the largest paddy rice producing country in Latin America and the Caribbean, accounting for X% of total volume. Moreover, paddy rice production in Brazil exceeded the figures recorded by the second-largest producer, Peru (X tons), threefold. The third position in this ranking was taken by Colombia (X tons), with a X% share.

In Brazil, paddy rice production remained relatively stable over the period from 2012-2023. In the other countries, the average annual rates were as follows: Peru (X% per year) and Colombia (X% per year).

In 2023, the average yield of paddy rice in Latin America and the Caribbean was estimated at X tons per ha, almost unchanged from 2022. The yield figure increased at an average annual rate of X% over the period from 2012 to 2023; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2015 when the yield increased by X% against the previous year. Over the period under review, the paddy rice yield reached the maximum level at X tons per ha in 2021; however, from 2022 to 2023, the yield failed to regain momentum. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2023, the total area harvested in terms of paddy rice production in Latin America and the Caribbean was estimated at X ha, flattening at the year before. Overall, the harvested area, however, saw a mild decrease. The most prominent rate of growth was recorded in 2017 when the harvested area increased by X% against the previous year. The level of harvested area peaked at X ha in 2013; however, from 2014 to 2023, the harvested area remained at a lower figure.

Paddy Rice Exports

Exports in Latin America and the Caribbean

Paddy rice exports fell to X tons in 2023, dropping by X% on 2022. In general, exports, however, continue to indicate a strong increase. The most prominent rate of growth was recorded in 2018 when exports increased by X% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2022, and then dropped in the following year.

In value terms, paddy rice exports rose remarkably to $X in 2023. Overall, exports, however, posted a prominent expansion. The pace of growth was the most pronounced in 2018 with an increase of X%. The level of export peaked in 2023 and is likely to see steady growth in the immediate term.

Exports by Country

In 2023, Brazil (X tons) represented the largest exporter of paddy rice, mixing up X% of total exports. It was distantly followed by Uruguay (X tons) and Paraguay (X tons), together creating an X% share of total exports.

Brazil was also the fastest-growing in terms of the paddy rice exports, with a CAGR of X% from 2012 to 2023. At the same time, Uruguay (X%) and Paraguay (X%) displayed positive paces of growth. While the share of Brazil (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of Paraguay (X p.p.) and Uruguay (X p.p.) displayed negative dynamics.

In value terms, Brazil ($X) remains the largest paddy rice supplier in Latin America and the Caribbean, comprising X% of total exports. The second position in the ranking was held by Uruguay ($X), with a X% share of total exports.

From 2012 to 2023, the average annual rate of growth in terms of value in Brazil amounted to X%. The remaining exporting countries recorded the following average annual rates of exports growth: Uruguay (X% per year) and Paraguay (X% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2023, picking up by X% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 an increase of X%. Over the period under review, the export prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2023, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Uruguay ($X per ton), while Paraguay ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Brazil (X%), while the other leaders experienced more modest paces of growth.

Paddy Rice Imports

Imports in Latin America and the Caribbean

In 2023, overseas purchases of paddy rice were finally on the rise to reach X tons for the first time since 2020, thus ending a two-year declining trend. In general, imports showed a relatively flat trend pattern. The growth pace was the most rapid in 2018 with an increase of X%. As a result, imports attained the peak of X tons. From 2019 to 2023, the growth of imports failed to regain momentum.

In value terms, paddy rice imports surged to $X in 2023. The total import value increased at an average annual rate of X% from 2012 to 2023; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2018 with an increase of X% against the previous year. The level of import peaked at $X in 2020; however, from 2021 to 2023, imports failed to regain momentum.

Imports by Country

Mexico (X tons) and Venezuela (X tons) represented roughly X% of total imports in 2023. Panama (X tons) took the next position in the ranking, followed by Costa Rica (X tons), Honduras (X tons), Nicaragua (X tons), Guatemala (X tons) and El Salvador (X tons). All these countries together held approx. X% share of total imports.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Panama (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X), Venezuela ($X) and Panama ($X) appeared to be the countries with the highest levels of imports in 2023, together comprising X% of total imports.

Panama, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2023, rising by X% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2022 an increase of X%. The level of import peaked in 2023 and is expected to retain growth in the near future.

Average prices varied somewhat amongst the major importing countries. In 2023, major importing countries recorded the following prices: in Nicaragua ($X per ton) and Panama ($X per ton), while Honduras ($X per ton) and Costa Rica ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Nicaragua (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform