Paddy rice market in Venezuela

Earlier Report Observations

The paddy rice market in Venezuela opened the period with a volume of 1.1 million tons in 2018, amid sector uncertainty over grain prices and imports. The government's implementation of a minimum guaranteed price aimed to prevent sector stoppages, which supported domestic production as it rose from 491 thousand tons in 2018 to 705 thousand tons in 2020. Meanwhile, imports fell sharply from 617 thousand tons to 334 thousand tons over the same two years, leading to a smaller total market volume of 1.0 million tons in 2020.

After a production dip to 594 thousand tons in 2021, the rice sector entered a recovery phase from 2022 onwards, as reported by producers' associations. This recovery was reflected in modest production growth to 611 thousand tons in 2022 and 619 thousand tons in 2023. Imports continued to vary, dropping to 307 thousand tons in 2022 before rebounding to 397 thousand tons in 2023, which drove the total market volume down to 918 thousand tons in 2022 before recovering to 1.0 million tons in 2023.

By 2024, industry estimates indicated a national paddy rice production of around 600 thousand tons, covering approximately 68.5% of estimated national consumption. The sown area for rice increased by 29% compared to 2023, reaching 123,000 hectares, although the sector faced constraints from fuel supply issues and insufficient financing. Government agricultural policies were credited with driving a significant increase in rice production over recent years, aimed at strengthening food sovereignty.

Production paddy rice in Venezuela

In kind, 2017-2020, K t

Top producers of paddy rice, 2017-2020

World map of production of paddy rice, 2017-2020

Venezuela's paddy rice production increased for the second consecutive year. In 2020, the country produced 704.5 thousand tons of paddy rice, representing a 36.3% increase compared to the previous year. Over the period from 2017 to 2020, production grew by 19.7%, with a compound annual growth rate of 6.2%. The lowest production level was recorded in 2018 at 490.6 thousand tons, which also marked the largest decline of 16.7% during this period.

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

Exports paddy rice from Venezuela

Exports in kind, K t

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

From 2017 to 2020, nearly all of Venezuela's paddy rice exports in kind were directed to Panama, which accounted for 99.3% of total export flows.

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

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

Between 2017 and 2020, Panama was overwhelmingly the primary destination for Venezuela's paddy rice exports in value terms, representing 99.4% of total export 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 paddy rice to Venezuela

Imports in kind, K t

The market exhibited significant volatility during these years. Import volumes reached their lowest point in 2017 and peaked in 2018, with a 2.3-fold difference between these two years. In 2020, Venezuela imported 334.1 thousand tons of paddy rice, marking a 28.2% decrease compared to 2019. The highest import volume was recorded in 2018 at 617.2 thousand tons, which also saw the largest increase of 130.4%.

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

From 2017 to 2020, the country structure of Venezuela's paddy rice imports in kind was dominated by Brazil and the United States, which together accounted for 83.4% of total import flows, while other markets contributed to the remainder.

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 data shows irregular changes, reflecting a volatile market environment. Import values fell to their lowest point in 2017 and reached their maximum in 2018, with a 2.2-fold amplitude between these years. In 2020, Venezuela imported a total of 99.6 million US dollars worth of paddy rice, down by 22.3% relative to the prior year. The highest import value was recorded in 2018 at 168.5 million US dollars, which also experienced the largest increase of 123.4%. The largest decline occurred in 2019, with a drop of 24.0%.

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

Over the period from 2017 to 2020, Brazil and the United States clearly dominated the partner structure for Venezuela's paddy rice imports in value terms, with other countries collectively making up the remaining share.

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

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