Japan's rice stockpile falls to lowest level in this century

Japan's rice stockpile has dropped to its lowest level in this century due to a prolonged heatwave in 2023 and rising domestic demand, causing concerns among residents about high prices.

The record-breaking heatwave and low rainfall in 2023 have stunted the growth of crops, including fruits, vegetables, and rice. This has led to reduced shipments and sharp price increases this year.

In Tokyo, Hidehisa Shinohara, a rice store owner, reported that he has never seen such low stockpiles.

"My store now has less than half the stock compared to normal years. Everything is less than half. Many varieties of rice that are typically available are not this year," said Shinohara.

As a result, the cost of rice has surged. The latest figures from the Agriculture Ministry indicate that rice prices have risen by 12 percent from the same period last year, placing additional strain on household finances.

Many consumers are visiting different stores in search of more affordable options.

"Rice is in shortage, and I see many people looking for cheaper alternatives in supermarkets around here," said a local resident.

"I usually buy four to five kilos of rice. When it was cheaper, five kilos cost about 1,400 yen (about 9.51 U.S. dollars), but now four kilos cost over 2,000 yen (about 13.6 U.S. dollars). It's a significant burden," said another resident.

While a new harvest is expected to go on market from late August, businesses say prices are likely to remain high.

The Ministry of Agriculture attributes the shortage to increased demand from the food service industry, which is still recovering from the impact of the COVID-19 pandemic. Additionally, there is heightened demand from record numbers of inbound tourists who are eager to enjoy Japanese food.

"I think prices will stay elevated due to increased production costs. Farmers have indicated that they cannot make ends meet with last year's price range. We expect more shortages over the next couple of years and need to maintain higher costs to ensure stable shipments," said Hidehisa.

Japanese consumers worry that if the situation persists, it may become difficult for households to enjoy affordable, high-quality rice.

Japan's rice stockpile falls to lowest level in this century

Japan's rice stockpile falls to lowest level in this century

An industrial matchmaking event was held Sunday in Kunming, the provincial capital of southwest China's Yunnan, drawing over 330 billion yuan (over 46 billion U.S. dollars) in investment as the region seeks to attract emerging industries from outside the province.   Themed "Sharing New Advantages of Industrial Transfer, Jointly Building a Highland of International Cooperation," the 2024 China Industrial Transfer and Development Matchmaking Activities (Yunnan) focused on drawing investment into key sectors like biomedicine and information industries in Yunnan, a region rich in energy and natural resources.      Financial institutes like China Development Bank, Industrial and Commercial Bank of China, and China Merchants Bank will provide financing services for key industrial transfer projects.   "A large part of the signed industrial transfer projects is related to the biomedicine and comprehensive healthcare industry, the photovoltaic industry, the information industry, and the equipment manufacturing industry. So far, such signed projects total 903,  with those of them working to strengthen, extend, and complete the industrial chains accounting for 40 percent, 20 percent, and 40 percent, respectively," said Shi Youlian, deputy director of the Department of Industry and Information Technology of Yunnan Province.   The matchmaking event plays a significant role in helping enterprises up and down the supply chain and the industrial chain to cooperate and building Yunnan into a pilot zone of industrial transfer and an industrial hub that connects South Asia and Southeast Asia, said Jin Zhuanglong, minister of industry and information technology.      "We will push for a gradual industrial transfer from east to central and west China. We will support Yunnan to take advantage of its functional positioning and industrial foundation, absorb relocated industries, and boost the development of its characteristic and competitive industries like the industries of new energy, new materials and biomedicine in an effort to enhance the region's overall strength and capacity for achieving sustainable development," said Jin.

Yunnan holds matchmaking activity to boost transfer of industry