Venezuela: Rice Market Overview 2020

Rice Market Size in Venezuela

The market value of rice increased by X% in Venezuela to $X for the second year in a row after three years of decline. Over the period under review, rice consumption, however, showed a noticeable contraction. The most prominent rate of growth was recorded in 2018 with an increase of X% year-to-year. Over the period under review, the rice market reached its maximum level at $X in 2013; however, from 2014 to 2018, consumption failed to regain its momentum.

Rice Production in Venezuela

In value terms, rice production skyrocketed to $X in 2018 estimated in export prices. Overall, rice production, however, recorded a buoyant increase. The pace of growth was the most pronounced in 2017 when production volume increased by X% y-o-y. Rice production peaked at $X in 2014; however, from 2015 to 2018, production failed to regain its momentum.

Rice Exports

Exports from Venezuela

The exports of rice increased by X% from Venezuela to X tonnes for the seventh consecutive year after four years of decline. Over the period under review, rice exports, however, faced a sharp contraction. The most prominent rate of growth was recorded in 2018 with an increase of X% year-to-year. Exports peaked at X tonnes in 2007; however, from 2008 to 2018, exports remained at a lower figure.

In value terms, rice exports surged to $X in 2018. Overall, rice exports, however, continue to indicate a precipitous contraction. The most prominent rate of growth was recorded in 2018 with an increase of X% year-to-year. Over the period under review, rice exports reached their maximum at $X in 2007; however, from 2008 to 2018, exports remained at a lower figure.

Exports by Country

From 2007 to 2018, the average annual rate of growth in terms of volume to No country was relatively modest.

From 2007 to 2018, the average annual growth rate of value to No country was relatively modest.

Rice Imports

Imports into Venezuela

In 2018, the imports of rice into Venezuela surged to X tonnes, rising by X% against 2017. Overall, the total imports indicated a buoyant expansion from 2007 to 2018: 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. The pace of growth was the most pronounced in 2018 with an increase of X% against the previous year. In that year, rice imports attained their peak and are likely to continue its growth in the immediate term.

In value terms, rice imports soared to $X in 2018. Overall, the total imports indicated pronounced growth from 2007 to 2018: its value increased at an average annual rate of +X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2018 figures, rice imports increased by +X% against 2015 indices. The pace of growth was the most pronounced in 2018 when imports increased by X% year-to-year. Imports peaked at $X in 2013; however, from 2014 to 2018, imports failed to regain their momentum.

Imports by Country

In 2018, the U.S. (X tonnes) constituted the largest supplier of rice to Venezuela, accounting for a X% share of total imports. Moreover, rice imports from the U.S. exceeded the figures recorded by the second-largest supplier, Uruguay (X tonnes), fivefold. Argentina (X tonnes) ranked third in terms of total imports with a X% share.

From 2007 to 2018, the average annual rate of growth in terms of volume from the U.S. stood at +X%. The remaining supplying countries recorded the following average annual rates of imports growth: Uruguay (+X% per year) and Argentina (+X% per year).

In value terms, the U.S. ($X) constituted the largest supplier of rice to Venezuela, comprising X% of total imports. The second position in the ranking was occupied by Argentina ($X), with a X% share of total imports. It was followed by Uruguay, with a X% share.

From 2007 to 2018, the average annual rate of growth in terms of value from the U.S. was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Argentina (+X% per year) and Uruguay (+X% per year).

Import Prices by Country

The average rice import price stood at $X per tonne in 2018, coming down by -X% against the previous year. Over the period under review, the rice import price continues to indicate a moderate curtailment. The most prominent rate of growth was recorded in 2017 an increase of X% against the previous year. Over the period under review, the average import prices for rice hit record highs at $X per tonne in 2012; however, from 2013 to 2018, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2018, the country with the highest price was Brazil ($X per tonne), while the price for Ecuador ($X per tonne) was amongst the lowest.

From 2007 to 2018, the most notable rate of growth in terms of prices was attained by Guyana, while the prices for the other major suppliers experienced a decline.

Source: IndexBox AI Platform