Guyana inks US$5.2M rice export deal with Panama

Business Finance News

Guyana has secured its market for rice shipments to the lucrative Panamanian market with the inking of another supply contract for the period December 2018 through 2019.

The value of this latest contract is US$5.2M and will see the supply of 200,000 quintals equivalent to 9,075 tonnes of white rice over the next few months. Shipment for the first set of white rice under this new agreement will start later this month.

This development comes in the wake of Guyana successfully meeting its quotas in a timely and consistent manner.

Statistics released by the Guyana Rice Development Board (GRDB) indicate that over the last three years, Guyana shipped a total of 183,683 metric tons of rice. The dollar value of these shipments to Panama over the period stands at US$77,147,322M.

General Manager of GRDB, Mr. Nizam Hassan, has expressed his satisfaction at the performance of the industry and the confidence the Panamanian government continues to show in Guyana’s rice industry.

“We are doing exceptionally well at the moment despite the recent issue which occurred. Nonetheless, the Guyana Rice Development Board (GRDB) has secured and signed another contract and shipment will commence shortly,” he said.

Rice exports for January to November 2018, as compared to 2017, show a value of US$25, 856,293 when compared to US$19, 257,176 for 2017.

Hassan added that opportunities appear to loom large for Guyana’s rice industry as enhanced efforts are being made to ensure not only the security of existing markets, but that additional markets are secured.

The Panamanian market has impacted the price farmers receive per bag of paddy. It has also increased farmers confidence in the industry, which has manifested itself into increased acreages under cultivation.

 

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