South-Eastern Asia: Rice Market 2024

Rice Market Size in South-Eastern Asia

The Southeast Asian rice market amounted to $X in 2023, remaining constant against the previous year. Over the period under review, consumption, however, continues to indicate a slight curtailment. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2023, consumption remained at a lower figure.

Rice Production in South-Eastern Asia

In value terms, rice production reduced modestly to $X in 2023 estimated in export price. Over the period under review, production, however, showed a pronounced reduction. The pace of growth was the most pronounced in 2018 with an increase of X%. The level of production peaked at $X in 2014; however, from 2015 to 2023, production failed to regain momentum.

The countries with the highest volumes of production in 2023 were Indonesia (X tons), Vietnam (X tons) and Thailand (X tons), together comprising X% of total production. Myanmar, the Philippines, Cambodia and Lao People's Democratic Republic lagged somewhat behind, together accounting for a further X%.

From 2012 to 2023, the biggest increases were recorded for Cambodia (with a CAGR of X%), while production for the other leaders experienced more modest paces of growth.

The average rice yield totaled X tons per ha in 2023, almost unchanged from the previous year. Over the period under review, the yield saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the yield increased by X%. Over the period under review, the rice yield reached the peak level at X tons per ha in 2015; afterwards, it flattened through to 2023. 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 rice production in South-Eastern Asia reached X ha, flattening at the previous year. Overall, the harvested area, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when the harvested area increased by X% against the previous year. The level of harvested area peaked at X ha in 2012; however, from 2013 to 2023, the harvested area remained at a lower figure.

Rice Exports

Exports in South-Eastern Asia

In 2023, shipments abroad of rice increased by X% to X tons, rising for the third consecutive year after three years of decline. The total export volume increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2014 when exports increased by X%. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2023, the exports stood at a somewhat lower figure.

In value terms, rice exports rose sharply to $X in 2023. The total export value increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. The level of export peaked in 2023 and is expected to retain growth in the near future.

Exports by Country

Thailand (X tons) and Vietnam (X tons) dominates exports structure, together making up X% of total exports. It was distantly followed by Myanmar (X tons) and Cambodia (X tons), together generating a X% share of total exports.

From 2012 to 2023, the biggest increases were recorded for Cambodia (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X), Vietnam ($X) and Cambodia ($X) were the countries with the highest levels of exports in 2023, with a combined X% share of total exports.

Among the main exporting countries, Cambodia, with a CAGR of X%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in South-Eastern Asia stood at $X per ton in 2023, surging by X% against the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the export price increased by X% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2023, the export prices remained at a lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2023, major exporting countries recorded the following prices: in Cambodia ($X per ton) and Thailand ($X per ton), while Myanmar ($X per ton) and Vietnam ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Vietnam (X%), while the other leaders experienced a decline in the export price figures.

Rice Imports

Imports in South-Eastern Asia

In 2023, imports of rice in South-Eastern Asia expanded notably to X tons, surging by X% on the year before. Total imports indicated a slight increase from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2014 with an increase of X%. The volume of import peaked at X tons in 2019; however, from 2020 to 2023, imports failed to regain momentum.

In value terms, rice imports soared to $X in 2023. Overall, imports saw a measured increase. The pace of growth appeared the most rapid in 2018 with an increase of X% against the previous year. The level of import peaked in 2023 and is expected to retain growth in the immediate term.

Imports by Country

The Philippines (X tons), Malaysia (X tons) and Vietnam (X tons) represented roughly X% of total imports in 2023. Indonesia (X tons) took a X% share (based on physical terms) of total imports, which put it in second place, followed by Singapore (X%). Timor-Leste (X tons) followed a long way behind the leaders.

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

In value terms, the largest rice importing markets in South-Eastern Asia were the Philippines ($X), Malaysia ($X) and Vietnam ($X), with a combined X% share of total imports.

Vietnam, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, in terms of 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

In 2023, the import price in South-Eastern Asia amounted to $X per ton, with an increase of X% against the previous year. Import price indicated a temperate increase from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, rice import price increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2020 an increase of X% against the previous year. The level of import peaked in 2023 and is likely to see gradual growth in years to come.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was the Philippines ($X per ton), while Timor-Leste ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the Philippines (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform