Puerto Rico: Rice Market 2024

Rice Market Size in Puerto Rico

The Puerto Rican rice market declined modestly to $X in 2021, approximately reflecting the previous year. Overall, consumption showed a prominent increase. As a result, consumption reached the peak level of $X. From 2016 to 2021, the growth of the market remained at a somewhat lower figure.

Rice Production in Puerto Rico

In value terms, rice production contracted modestly to $X in 2021 estimated in export price. In general, production saw a prominent expansion. The pace of growth appeared the most rapid in 2015 with an increase of 420% against the previous year. As a result, production attained the peak level of $X. From 2016 to 2021, production growth remained at a lower figure.

The average yield of rice in Puerto Rico totaled X tons per ha in 2021, remaining constant against the previous year. Over the period under review, the yield recorded a prominent increase. The growth pace was the most rapid in 2015 when the yield increased by 354%. As a result, the yield reached the peak level of X tons per ha. From 2016 to 2021, the growth of the 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.

In 2021, the total area harvested in terms of rice production in Puerto Rico expanded slightly to X ha, increasing by 1.8% against the previous year. Over the period under review, the harvested area posted prominent growth. The growth pace was the most rapid in 2015 with an increase of 32% against the previous year. The global harvested area peaked at X ha in 2018; however, from 2019 to 2021, the harvested area stood at a somewhat lower figure.

Rice Exports

Exports from Puerto Rico

In 2021, exports of rice from Puerto Rico was estimated at less than X kg, flattening at the year before. Over the period under review, exports saw a relatively flat trend pattern.

In value terms, rice exports amounted to less than $X in 2021. In general, exports saw a relatively flat trend pattern.

Exports by Country

India represented the largest exporter of rice in the world, with the volume of exports reaching X tons, which was near 40% of total exports in 2021. It was distantly followed by Thailand (X tons), Vietnam (X tons), Pakistan (X tons), the United States (X tons) and China (X tons), together mixing up a 41% share of total exports. Myanmar (X tons), Brazil (X tons), Uruguay (X tons) and Italy (X tons) held a minor share of total exports.

From 2012 to 2021, average annual rates of growth with regard to rice exports from India stood at +8.0%. At the same time, China (+26.6%), Myanmar (+7.3%) and Pakistan (+1.8%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing exporter exported in the world, with a CAGR of +26.6% from 2012-2021. Italy and Thailand experienced a relatively flat trend pattern. By contrast, the United States (-1.2%), Brazil (-3.3%), Vietnam (-3.6%) and Uruguay (-3.7%) illustrated a downward trend over the same period. India (+14 p.p.) and China (+3.9 p.p.) significantly strengthened its position in terms of the global exports, while the United States, Thailand and Vietnam saw its share reduced by -2.7%, -4.5% and -8.4% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) remains the largest rice supplier from Puerto Rico, comprising 35% of global exports. The second position in the ranking was held by Thailand ($X), with a 12% share of global exports. It was followed by Vietnam, with an 11% share.

In India, rice exports expanded at an average annual rate of +5.1% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Thailand (-3.4% per year) and Vietnam (-2.2% per year).

Export Prices by Country

In 2021, the export price in Puerto Rico amounted to less than $X per ton, approximately mirroring the previous year. Overall, the export price continues to indicate a relatively flat trend pattern.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Italy ($X per ton), while Myanmar ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+2.2%), while the other leaders experienced more modest paces of growth.

Rice Imports

Imports into Puerto Rico

In 2021, imports of rice into Puerto Rico totaled less than X kg, approximately reflecting 2020. Over the period under review, imports saw a relatively flat trend pattern.

In value terms, rice imports stood at less than $X in 2021. Overall, imports recorded a relatively flat trend pattern.

Imports by Country

In 2021, China (X tons), followed by Bangladesh (X tons) and the Philippines (X tons) represented the largest importers of rice, together achieving 20% of total imports. Senegal (X tons), Iraq (X tons), Cote d'Ivoire (X tons), Benin (X tons), Nepal (X tons), Mozambique (X tons), Saudi Arabia (X tons), Malaysia (X tons), Cameroon (X tons) and South Africa (X tons) took a little share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Mozambique (with a CAGR of +15.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest rice importing markets into Puerto Rico were China ($X), the Philippines ($X) and Saudi Arabia ($X), together accounting for 17% of total imports. Bangladesh, Iraq, Benin, Cote d'Ivoire, Malaysia, South Africa, Senegal, Nepal, Cameroon and Mozambique lagged somewhat behind, together comprising a further 22%.

In terms of the main importing countries, Nepal, with a CAGR of +18.7%, saw 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 import price in Puerto Rico stood at less than $X per ton in 2021, remaining stable against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Saudi Arabia ($X per ton), while Mozambique ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nepal (+2.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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