Global rice prices could rise as China, the world’s leading rice producer, faces the threat of severe flooding in key agricultural regions. take into account Fitch Ratings analysts.
Three Chinese provinces, which account for 23% of the country’s rice production, are under threat of flooding. The rating agency said in a report that fields have already been flooded by heavy rains and typhoons, and yields will drop this year.
China is the world’s largest rice producer. Fitch believes the country will have to increase imports to make up for the losses, which will push up world rice prices, which are already at several-year highs.
“Heavy rains that will reduce yields in China’s grain-producing northeastern region will likely put upward pressure on already high global rice prices,” Fitch Ratings said in a report.
China in recent weeks survived Severe flooding, including Typhoon Dokusuri. The worst flood in 140 years occurred in Beijing. India at the end of July introduced white rice export ban and Thailand He insisted farmers cut crops due to thirst.
Rice prices before rose up to a maximum of 15 years.