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AGRIC BUSINESS

Nigeria Will Import 7 Million Tons Of Rice Between 2015 And 2016

The United State Department of Agriculture (USDA) has said that Nigeria and China are to import 16.2 metric tons of rice valued at N1.24 trillion ($6,195,366,000) between 2015 and 2016.

China is expected to take delivery of 4.5 million tons and 4.7 million tons of rice in 2015 and 2016 respectively, while Nigeria will import 3 million and 4 million tons of the commodity respectively during the same period.

In its June rice outlook report, USDA explained that China would remain top importer from 2016 with a record of 4.7 million tons, up seven per cent from 2015’s 4.5 million tons. Also, it forecast that Nigeria would take number two position with four million tons in 2016.

The agency, however, noted that Nigeria’s import will drop from four million to three million next year, meaning that the country will save N76.49 billion ($382,430,000) in 2016. Also, the USDA estimated that the European Union, Iran, Iraq, Indonesia, Malaysia, the Philippine, Saudi Arabia, Senegal, and South Africa would import a total of 1.2 million tons of rice in 2016. It raised import estimate for Bangladesh, the Philippine, Tanzania and Nepal.

The agency also has forecast 2016 global rice trade fall to 42.4 million metric tons, down from two per cent from an estimated 43.26 million tons in 2015. USDA noted that the decline in global trade could be attributed to weaker shipment from India, Pakistan and Australia as well as weaker purchases from southern Asia and sub-Sahara Africa. On the export side, USDA said that Thailand would remain number one exporter in 2016 with 11 million metric tons followed by India with 8.5 million tons. It said that Vietnam with 6.7 million tons and Pakistan with 3.8 million tons would be third and fourth largest exporters next year. The agency also expected increased export from Cambodia (a rise of nine per cent year/ year to 1.3 million tons and Myanmar (increase by eight per cent y/y to two million tons)

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Comments (7)

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