Amid reports of a lack of markets for the bumper rice crop being harvested, the Guyana Rice Development Board (GRDB) is reporting that foreign buyers are demanding low prices owing to the surplus on the local market.
GRDB General Manager Jagnarine Singh told Guyana Times International on Monday that samples of the various rice varieties have been sent to several different markets as the board seeks alternative export markets for the surplus rice being produced this year. These markets, he explained, include Holland, England, and Portugal. He said although the countries currently import rice from Guyana, the board is looking to significantly increase the quantities.
In an earlier interview, Singh had indicated that they are in talks with other countries which want to buy rice from Guyana. Among those nations are African countries; England; Colombia; and Caribbean territories such as Haiti, Belize, and Jamaica. Noting that importers are aware of the surplus on the local market, Singh said, many are taking advantage of this by demanding low prices. Farmers have been complaining about the low prices they are being offered for their paddy.
Also commenting on the issue, Rice Producers Association General Secretary Dharamkumar Seeraj noted that the recent price drop has a lot to do with supply and demand. He said the farmers need to understand that as a result of the surplus crop, there will be a decrease in the price for paddy. While noting that the current crop is the largest in the history of rice farming in Guyana, Seeraj contended that since the Venezuelan market is not on-stream, farmers are worried about their livelihood. He further told this publication that the Venezuelan issue would soon be resolved as “only a few more documents have to be signed and processed”.
