Last Updated : 30 August 2012 at 21:35 IST
ASEAN to contribute to firm global rice prices
Source :Reuters
India had 28.5 million tons of rice stock as on August 1. This stock in the government ware houses is higher than that of the previous estimated stock of 9.8 million for the quarter ending September.
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BANGKOK (Commodity Online): ASEAN countries are expected to present a steady rice production pattern and this will result in firm global rice prices, stated Asian Development Bank (ADB) in its news release on Thursday in Thailand.
The bank added that ASEAN rice producers will play a key role in the stability of the international rice market by meeting growing demand. Also current production estimates by ADB suggest that overall prices will remain stable and rising output in ASEAN countries would help stabilise prices in international market.
India had 28.5 million tons of rice stock as on August 1. This stock in the government ware houses is higher than that of the previous estimated stock of 9.8 million for the quarter ending September.
The report estimates that the rice out put in ASEAN countries would grow 1.37 % annually from nearly 110.5 million tons in 2010/11 to 128.3 million tons in 2021/22. The estimation is based on the normal weather condition and other factors sustaining.
At present ASEAN countries are using 47 million hectares of rice fields which accounts for 29 percent of global harvested rice area.
ASEAN nations require investment in transportation, market, infrastructure, research and development to hike the production of rice, states the ADB.
