According to the report of Vietnam’s agriculture daily on April 20, 2022, the prices of various chemical fertilizers used for rice planting in India, Vietnam and the Philippines have increased by two to three times in the past year. In order to save planting costs, rice farmers have to be “cautious” in the use of chemical fertilizer, and the reduction of chemical fertilizer consumption means the decline of rice planting area and yield. Food experts believe that rice, as an important food crop to feed half of the world’s population, is experiencing a planting crisis. If the price of chemical fertilizer is not controlled, it may trigger a global food crisis.
According to the prediction of the International Rice Research Institute (IRRI), the global rice production may decline by 10% in the next harvest season, which will lead to a 36 million ton rice supply gap, equivalent to 500 million people will lose their food sources. Experts from the International Rice Research Institute said that this is a very conservative prediction. If the conflict between Russia and Ukraine continues, the consequences may be more serious.
Rice farmers are currently in a “particularly vulnerable” situation, the report said. The conflict between Russia and Ukraine pushed up the international market prices of wheat and corn, but the price of rice remained relatively stable and even decreased due to sufficient production. This means that rice farmers have increased their planting investment, but have not achieved real profit growth.
Source: Economic and Commercial Department of the Embassy in the Socialist Republic of Vietnam
Post time: May-06-2022