RICE exports to Latin American countries during the first 10 months of this year were 226,925.994 metric tons (Mt) reflecting a whopping increase of 61% compared to exports to these countries for the corresponding period last year.

Information released last week by the Guyana Rice Development Board (GRDB) on rice exports for the first 10 months disclosed that exports to Latin American countries from January to October last year amounted to 140,882.243 Mt.

An official said that the soaring increase of exports to these countries this year represented the attractiveness to local millers of the markets in these countries. “My understanding is that the returns from these markets are better so the millers shifted,” a senior official disclosed.

Out of a total of 11 countries in Latin America, Mexico has been the largest market accounting for 39% of the shipments, that is, importing 88,314.180 metric tons of the 226 925.994 Mt sold to Latin America from January to October 2017.

Venezuela accounted for an increase in imports for the first 10 months, becoming the second biggest market in Latin America, purchasing 34,382.395 Mt up from a mere 4,661.474 MT for the same period last year and accounting for 15% of the exports for the first 10 months of 2017. The purchases from Venezuela represented increases of 637% in volume and value against the corresponding period last year. Panama was third, importing 29,902.989Mt followed by Nicaragua: 29,201.035Mt.

Jamaica, which purchased 40, 474, 847 Mt was the largest buyer in CARICOM during the first 10 months, followed by Trinidad (22,828.552 Mt) and St Vincent (3721.426 Mt).

Portugal and Italy were two major markets for local rice in the European Union, these countries purchasing 48, 109.132 Mt and 39,892, 100 Mt respectively with Holland in third place with imports of 28,167 Mt. There was however a marked decrease in shipments to markets in the European Union, from 233,918.687Mt in the first 10 months of 2016 to 136,222.080 Mt for the same period this year.

Generally, the GRDB disclosed that Guyana exported 436,825.912 metric tons of rice for the first 10 months of 2017 against 440, 813, 936 Mt for the same period last year. However, the value for sales amounted to US$ 163,605,766 compared to US$155, 738,049 for the same period last year, representing an increase of 5% in value.

Meanwhile, the GRDB disclosed that production for the second crop, which is now coming to a close, stood at 426,195 Mt of paddy as at November 24th last. The figures up to the end of October 2017 buttressed recent arguments by Minister of Finance Winston Jordan about the strong showing of rice in the local economy in 2017 and the optimistic projections for the industry and operators in the industry in 2018.