Chile: Rice Market 2024

Rice Market Size in Chile

The Chilean rice market fell to $X in 2021, with a decrease of -6.3% against the previous year. The market value increased at an average annual rate of +1.7% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Rice consumption peaked at $X in 2020, and then declined in the following year.

Rice Production in Chile

In value terms, rice production shrank slightly to $X in 2021 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2013 when the production volume increased by 26% against the previous year. As a result, production reached the peak level of $X. From 2014 to 2021, production growth remained at a lower figure.

In 2021, the average rice yield in Chile reduced slightly to X tons per ha, leveling off at 2020. Overall, the yield, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2015 when the yield increased by 15%. As a result, the yield attained the peak level of X tons per ha. From 2016 to 2021, the growth of the average rice 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.

The rice harvested area in Chile declined to X ha in 2021, waning by -13% against the previous year's figure. In general, the harvested area recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the harvested area increased by 41%. As a result, the harvested area attained the peak level of X ha. From 2019 to 2021, the growth of the rice harvested area remained at a somewhat lower figure.

Rice Exports

Exports from Chile

In 2021, overseas shipments of rice decreased by -18.4% to X tons, falling for the third year in a row after two years of growth. Over the period under review, exports, however, showed prominent growth. The most prominent rate of growth was recorded in 2014 when exports increased by 215,850% against the previous year. As a result, the exports reached the peak of X tons. From 2015 to 2021, the growth of the exports failed to regain momentum.

In value terms, rice exports dropped dramatically to $X in 2021. Overall, exports, however, recorded significant growth. The pace of growth appeared the most rapid in 2014 when exports increased by 221,586%. As a result, the exports reached the peak of $X. From 2015 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Venezuela (X tons) was the main destination for rice exports from Chile, with a 65% share of total exports. Moreover, rice exports to Venezuela exceeded the volume sent to the second major destination, Russia (X tons), fivefold. Peru (X tons) ranked third in terms of total exports with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Venezuela totaled +171.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (0.0% per year) and Peru (+20.2% per year).

In value terms, Venezuela ($X) remains the key foreign market for rice exports from Chile, comprising 69% of total exports. The second position in the ranking was taken by Russia ($X), with a 13% share of total exports. It was followed by Peru, with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Venezuela totaled +133.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (0.0% per year) and Peru (-44.6% per year).

Export Prices by Country

The average rice export price stood at $X per ton in 2021, which is down by -12.2% against the previous year. Overall, export price indicated a strong expansion from 2012 to 2021: its price increased at an average annual rate of +7.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, rice export price decreased by -30.8% against 2018 indices. The most prominent rate of growth was recorded in 2013 when the average export price increased by 74% against the previous year. The export price peaked at $X per ton in 2018; however, from 2019 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Venezuela ($X per ton), while the average price for exports to Paraguay ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Brazil (+4.5%), while the prices for the other major destinations experienced mixed trend patterns.

Rice Imports

Imports into Chile

In 2021, approx. X tons of rice were imported into Chile; with a decrease of -10.7% against 2020 figures. Over the period under review, total imports indicated a notable increase from 2012 to 2021: its volume increased at an average annual rate of +4.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +20.9% against 2019 indices. The most prominent rate of growth was recorded in 2020 with an increase of 35% against the previous year. As a result, imports attained the peak of X tons, and then declined in the following year.

In value terms, rice imports shrank to $X in 2021. In general, total imports indicated a notable increase from 2012 to 2021: its value increased at an average annual rate of +4.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +34.0% against 2019 indices. The most prominent rate of growth was recorded in 2020 with an increase of 37%. As a result, imports reached the peak of $X, and then fell modestly in the following year.

Imports by Country

Argentina (X tons), Paraguay (X tons) and Uruguay (X tons) were the main suppliers of rice imports to Chile, together accounting for 88% of total imports. India, the United States, Pakistan, Brazil and Vietnam lagged somewhat behind, together accounting for a further 11%.

From 2012 to 2021, the biggest increases were recorded for India (with a CAGR of +48.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Argentina ($X), Paraguay ($X) and Uruguay ($X) were the largest rice suppliers to Chile, with a combined 86% share of total imports. The United States, India, Pakistan, Brazil and Vietnam lagged somewhat behind, together accounting for a further 13%.

In terms of the main suppliers, India, with a CAGR of +40.8%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average rice import price stood at $X per ton in 2021, rising by 9.2% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Vietnam ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+7.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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