Rethinking rice reserves: Policy pathways for stability amid market turbulence
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International Rice Research Institute
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Highlights
• From panic to glut, rice market volatility persists: After the 2023 price spike, record harvests and overflowing stocks have driven international rice prices to multiyear lows, squeezing farm
incomes and intensifying competition among exporters.
• Supporting stable and well-managed rice reserves: There is a need to set risk-based reserve targets, separate emergency buff ers from price support stocks, enforce countercyclical
release triggers, and crowd in private storage; applying these principles will help protect farmers and consumers while minimizing fiscal overhangs. It is crucial that rice reserves are managed to
smoothen cycles rather than amplify price volatility.
• Regional pathways to more stable rice markets: Countries can look into upgrading regional arrangements, such as the ASEAN Plus Three Emergency Rice Reserve (APTERR) to a fast-trigger
facility with a modest permanent stock and a cash window, tying access to timely stock and harvest data, and backstopping this with transparent data and trade protocols so that shocks do not snowball across markets.
Palabras clave
domestic markets, domestic trade, export controls, policies, rice