Milled rice and broken rice market in Venezuela

Earlier Report Observations

The milled rice and broken rice market in Venezuela expanded from 779 thousand tons in 2018 to a peak of 990 thousand tons in 2021. This growth was primarily supported by rising imports, which reached 468 thousand tons in 2020, while domestic production fluctuated. In 2018, the sector saw the introduction of the VENEZUELA 21 rice variety, developed under the National Rice Genetic Improvement Project, which enhanced milling quality and pest resistance, laying groundwork for longer-term productivity gains.

After 2021, market volume contracted to 806 thousand tons in 2022 and 652 thousand tons in 2023, as imports fell sharply. Domestic production, however, began to recover in 2023, rising to 597 thousand tons, driven by expanded planting areas and a projected 13.6% increase in output for the 2023-2024 cycle. This uptick occurred despite persistent constraints in fuel supply and agricultural financing.

By 2024, sown rice area had grown by 29% compared to 2023, covering 68% of domestic demand. Regulatory changes, including the 2022 Technical Regulation for rice, established new quality requirements for the sector. Continued efforts to create special agricultural zones and attract investments aim to boost self-sufficiency, though challenges in fuel and credit availability remain.

Production milled rice and broken rice in Venezuela

In kind, 2017-2020, K t

Top producers of milled rice and broken rice, 2017-2020

World map of production of milled rice and broken rice, 2017-2020

Venezuela's production of milled rice and broken rice declined for the second year in a row. In 2020, the country produced 436.1 thousand tons, which represents a 21.5% decrease compared to the previous year. Looking at the period from 2017 to 2020, production fell by 20.8%, averaging an annual decline of 7.5%. The highest production level was recorded in 2018 at 690.0 thousand tons, which also marked the largest annual increase of 25.3%.

Annual dynamics of production in Venezuela in kind, 2017-2020, K t

Exports milled rice and broken rice from Venezuela

Exports in kind, K t

The export market showed significant volatility during this period. Volumes reached their lowest point in 2019 and peaked in 2020, with a staggering 730-fold difference between these two years. In 2020, Venezuela exported 8.1 thousand tons of milled rice and broken rice, representing an extraordinary year-over-year surge of 72,918.0%. The minimum export volume was recorded in 2019 at 0.0 thousand tons, which also saw the largest decline of 79.5%.

Annual dynamics of product's exports from Venezuela in kind, 2017-2020, K t

From 2017 to 2020, Cuba remained the overwhelmingly dominant buyer of milled rice and broken rice from Venezuela, accounting for 96.2% of total exports in volume terms.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Venezuela in kind, 2017-2020

Exports in value, M $ US

Market performance exhibited noticeable fluctuations throughout the period. Export values dropped to their minimum in 2019 and climbed to their maximum in 2020, showing a dramatic 1,065-fold shift. In 2020, the value of milled rice and broken rice shipments from Venezuela reached 8.0 million US dollars, marking a remarkable year-over-year increase of 106,367.0%. The lowest value was recorded in 2019 at 0.0 million US dollars, which also experienced the largest decline of 92.9%.

Annual dynamics of product's exports from Venezuela in value, 2017-2020, M $ US

During 2017–2020, Cuba effectively concentrated the export value of milled rice and broken rice from Venezuela, holding a 96.7% share of total flows.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Venezuela in value, 2017-2020

Imports milled rice and broken rice to Venezuela

Imports in kind, K t

Venezuela's imports of milled rice and broken rice increased for the third consecutive year. In 2020, imports totaled 468.4 thousand tons, up by 83.9% compared to the previous year. Over the period from 2017 to 2020, imports grew by 814.4%, with a compound annual growth rate of 109.1%.

Annual dynamics of product's imports to Venezuela in kind, 2017-2020, K t

From 2017 to 2020, Guyana and Brazil consistently accounted for 86.2% of total imports in volume terms, indicating a high degree of market concentration alongside a long tail of smaller suppliers.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Venezuela in kind, 2017-2020

Imports in value, M $ US

The value of milled rice and broken rice imports into Venezuela rose for the third year in a row. In 2020, import volume amounted to 230.8 million US dollars, representing a sharp 71.8% increase compared to 2019. Over the 2017-2020 period, imports increased by 618.2%, with a compound annual growth rate of 92.9%.

Annual dynamics of product's imports to Venezuela in value, 2017-2020, M $ US

Between 2017 and 2020, Guyana and Brazil together accounted for 83.5% of total imports in value terms, with other countries forming a diversified but less significant portion of the market.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Venezuela in value, 2017-2020