Japan forecasts rice output to meet demand, easing shortage concerns

By AJP Posted : October 31, 2024, 13:52 Updated : October 31, 2024, 13:52
Rice are hanged to dry in Kamimomi village Okayama prefecture Japan on Sept 7 2024 AP-Yonhap
Rice is hung to dry in Kamimomi village, Okayama prefecture, Japan, Sept. 7, 2024. AP-Yonhap
 
SEOUL, October 31 (AJP) - Japan's rice production is expected to reach about 6.83 million tons in 2024, surpassing projected demand of 6.74 million tons through June next year.

The Japanese Ministry of Agriculture, Forestry and Fisheries said on Wednesday private rice stockpiles are forecast to recover to 1.62 million tons by June 2025, up from the historic low of 1.53 million tons recorded the previous year, signaling potential relief from recent supply constraints and price escalations triggered by severe summer weather conditions.

Despite the improved supply outlook, market observers anticipate rice prices to remain elevated due to persistent inflation affecting production costs, including utilities and fertilizers.

The ministry's analysis revealed that rice shortages during the summer months were exacerbated by increased consumer stockpiling, following the weather agency's unprecedented advisory in August warning of heightened risks for a magnitude 8 to 9 Nankai Trough mega earthquake.
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