ASEAN: Rice Market 2024

Rice Market Size in ASEAN

The ASEAN rice market fell modestly to $X in 2022, waning by X% against the previous year. Overall, consumption saw a mild slump. As a result, consumption attained the peak level of $X. From 2019 to 2022, the growth of the market failed to regain momentum.

Rice Production in ASEAN

In value terms, rice production contracted modestly to $X in 2022 estimated in export price. Overall, production showed a pronounced reduction. The most prominent rate of growth was recorded in 2018 with an increase of X%. Over the period under review, production hit record highs at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

The countries with the highest volumes of production in 2022 were Indonesia (X tons), Vietnam (X tons) and Thailand (X tons), together accounting for X% of total production. Myanmar, the Philippines, Cambodia and Lao People's Democratic Republic lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, 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 dropped modestly to X tons per ha in 2022, flattening at the previous year's figure. Overall, the yield, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the yield increased by X%. The level of yield peaked at X tons per ha in 2015; afterwards, it flattened through to 2022. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, approx. X ha of rice were harvested in ASEAN; approximately equating 2021. Over the period under review, the harvested area continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. Over the period under review, the harvested area dedicated to rice production reached the maximum at X ha in 2012; however, from 2013 to 2022, the harvested area stood at a somewhat lower figure.

Rice Exports

Exports in ASEAN

In 2022, shipments abroad of rice increased by X% to X tons, rising for the second year in a row after three years of decline. The total export volume increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2014 with an increase of X% against the previous year. The volume of export peaked at X tons in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, rice exports expanded markedly to $X in 2022. Over the period under review, exports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

Thailand (X tons) and Vietnam (X tons) were the major exporters of rice in 2022, resulting at near X% and X% of total exports, respectively. It was distantly followed by Myanmar (X tons), mixing up a X% share of total exports. Cambodia (X tons) took a little share of total exports.

From 2012 to 2022, the biggest increases were recorded for Myanmar (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest rice supplying countries in ASEAN were Thailand ($X), Vietnam ($X) and Myanmar ($X), with a combined X% share of total exports. Cambodia lagged somewhat behind, accounting for a further X%.

Cambodia, with a CAGR of X%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per ton, with a decrease of X% against the previous year. Overall, the export price recorded a slight decline. The most prominent rate of growth was recorded in 2018 when the export price increased by X%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Cambodia ($X per ton), while Myanmar ($X per ton) was amongst the lowest.

From 2012 to 2022, 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 ASEAN

In 2022, the amount of rice imported in ASEAN declined to X tons, which is down by X% against the previous year's figure. Over the period under review, imports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, rice imports declined slightly to $X in 2022. Overall, imports, however, showed temperate growth. The growth pace was the most rapid in 2018 with an increase of X% against the previous year. Over the period under review, imports hit record highs at $X in 2021, and then contracted slightly in the following year.

Imports by Country

In 2022, Malaysia (X tons), the Philippines (X tons) and Vietnam (X tons) was the largest importer of rice in ASEAN, generating X% of total import. It was distantly followed by Indonesia (X tons) and Singapore (X tons), together creating a X% share of total imports. Lao People's Democratic Republic (X tons) followed a long way behind the leaders.

From 2012 to 2022, 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 Philippines ($X), Vietnam ($X) and Malaysia ($X) constituted the countries with the highest levels of imports in 2022, together comprising X% 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

The import price in ASEAN stood at $X per ton in 2022, picking up by X% against the previous year. Import price indicated a noticeable increase from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, rice import price increased by X% against 2019 indices. The pace of growth appeared the most rapid in 2017 when the import price increased by X%. Over the period under review, import prices attained the maximum in 2022 and is likely to see steady growth in years to come.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the Philippines ($X per ton), while Lao People's Democratic Republic ($X per ton) was amongst the lowest.

From 2012 to 2022, 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

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