Semi-milled or wholly milled rice market in Caribbean

Earlier Report Observations

The market volume for semi-milled or wholly milled rice in the Caribbean showed considerable volatility between 2018 and 2023. Starting at 1 542 thousand tons in 2018, it rose to 1 599 thousand tons the following year before contracting to 1 490 thousand tons in 2020. The market rebounded to 1 577 thousand tons in 2021, dipped again to 1 454 thousand tons in 2022, and reached a peak of 1 628 thousand tons in 2023.

This fluctuation was underpinned by contrasting trends in domestic production and imports. Local output fell steadily from 980 thousand tons in 2018 to 674 thousand tons in 2023, a drop of 31%. Meanwhile, imports surged from 562 thousand tons to 954 thousand tons over the same period, growing by 70% and increasingly supplying the market. The rising import volume compensated for the decline in production, resulting in a net expansion of the total market.

Production semi-milled or wholly milled rice in Caribbean

In kind, 2017-2020, K t

Top producers of semi-milled or wholly milled rice, 2017-2020

World map of production of semi-milled or wholly milled rice, 2017-2020

Caribbean's production of semi-milled or wholly milled rice has declined for the second year in a row. In 2020, the region produced 682.4 thousand tons, which represents a 26.3% decrease compared to the previous year. Looking at the period from 2017 to 2020, production fell by 25.8%, translating to an average annual decline of 9.5%. The highest production level was recorded in 2018 at 979.8 thousand tons, which also saw the largest annual increase of 6.6%.

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

Exports semi-milled or wholly milled rice from Caribbean

Exports in kind, K t

The export market for semi-milled or wholly milled rice from the Caribbean showed an unstable pattern over the observed period. The lowest point was in 2018 at 0.1 thousand tons, while the peak occurred in 2017, creating an 11.9-fold difference between these two years. In 2020, exports totaled 1.0 thousand tons, marking a significant 10.2% drop from 2019. The sharpest decline was recorded in 2018 at 91.6%, whereas the largest increase happened in 2019 with a remarkable 780.1% surge.

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

From 2017 to 2020, key buyers of Caribbean semi-milled or wholly milled rice included Venezuela, accounting for 31.8% of exports in kind, the United States at 3.2%, and Mali at 2.4%. Together, these three partners made up 37.4% of total exports, with the remaining 62.6% spread across numerous other countries.

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

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

Exports in value, M $ US

The value of semi-milled or wholly milled rice exports from the Caribbean has decreased for the third consecutive year. In 2020, export volume reached 0.9 million US dollars, reflecting a 10.9% decline compared to the prior year. Over the 2017-2020 period, exports fell by 49%, which corresponds to an average annual reduction of 20.1%.

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

Between 2017 and 2020, the partner structure for exports in value terms was relatively balanced rather than concentrated. Venezuela held 19.4% of exports in value, followed by Bunkers at 3.9% and the United States at 3.8%. Collectively, these three accounted for 27.0% of total flows, while the remaining 73.0% was distributed among many other countries.

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

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

Imports semi-milled or wholly milled rice to Caribbean

Imports in kind, K t

Imports of semi-milled or wholly milled rice into the Caribbean have risen for the second year in a row. In 2020, imports amounted to 808.9 thousand tons, indicating a 19.9% increase over the previous year. From 2017 to 2020, imports grew by 16.6%, equating to an average annual rate of 5.2%. The lowest import level was in 2018 at 562.1 thousand tons, which also saw the largest decline of 19.0%. In contrast, the biggest increase occurred in 2019 with a 20.0% rise.

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

During the 2017-2020 period, the import structure in kind was dominated by the United States, which absorbed 72.6% of total flows, alongside a large number of smaller trading partners.

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

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

Imports in value, M $ US

The value of semi-milled or wholly milled rice imports into the Caribbean has increased for the second consecutive year. In 2020, imports stood at 445.2 million US dollars, reflecting a 31.5% rise compared to the past year. Over the 2017-2020 timeframe, imports grew by 34.1%, with a compound annual growth rate of 10.3%. The minimum value was recorded in 2018 at 311.0 million US dollars, which also experienced the largest decline of 6.3%.

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

Throughout 2017-2020, the partner structure for imports in value terms was centered on the United States, which accounted for 71.0% of total flows, while other markets played a less significant role.

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

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