Indonesia has announced an additional rice import quota of 1.6 million metric tons for 2024 due to delayed harvests caused by dryness linked to the El Nino weather pattern. This is in addition to the 2 million tons previously approved for 2024. The announcement comes as the country's key rice-growing region, Java, is experiencing below-normal rains, which are expected to result in a lower harvest from January to March than last year.
According to a Singapore-based rice trader, the news of Indonesia's increased rice import quota has been driving global prices higher. The move follows India's restrictions on rice exports last year, which led to Asia rice prices reaching a 16-year high. The prices of parboiled rice exported from India also climbed to record highs this week due to limited supplies and a slight improvement in demand. Meanwhile, prices in Thailand and Vietnam, key export hubs, are near their highest since 2008. The lower Indonesian output is expected to further tighten supplies, increasing rice prices.
During a weekly government meeting streamed live, Trade Ministry official Arif Sulistiyo stated that Indonesian rice production from January to March is expected to be 2.82 million tons lower than last year. The trade ministry is working to issue the import permits for the additional allocation.
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