Stay calm, there’s no need to hoard rice

Empty supermarket shelves where bags of rice usually are found give the impression that there is a supply problem for the main staple for billions of people in Asia. But there is more than enough of the beloved grain to go around thanks to record global harvests and all-time high stockpiles. The Covid-19 disease has prompted worried people to panic buy and more supplies are merely a matter of retailers adjusting logistics to keep up with demand. A less disruptive solution, though, would be for customers to be better informed so that they do not overreact and hoard.

Shops were stripped of daily necessities in Southeast Asia when the coronavirus outbreak first began taking hold in January and empty shelves have been a feature of its spread around the world. Local stocks were quickly replenished, but there has been another rush on rice after Vietnam, the world’s third-biggest shipper, temporarily suspended new exports to protect domestic supplies hit by a drought in the Mekong River delta. Myanmar also said it may cut exports to prevent shortages. Net importers like the Philippines are not taking chances and are boosting orders to increase stockpiles.

Will coronavirus trigger global food crisis?

The pandemic could over time affect food availability through the disruption of labour and the supply chain, especially for fresh produce and meat. To safeguard food security, some countries could resort to trade restrictions and aggressive stockpiling. But there is no risk of shortages in coming months of rice and other inexpensive and long-lasting grains like wheat; there is no scarcity. Warehouses in India, the world’s largest exporter, are full, and Thailand, the second-biggest shipper, contends it will meet order targets despite enduring its worst drought in decades.

Rice has for centuries been the basis of China’s food policy and with 1.4 billion people, the country is the world’s biggest consumer. The nation strives for self-sufficiency, but in the face of the Covid-19 crisis, it has pledged to buy a record amount from this year’s harvest to maintain reserves. Hongkongers need not worry, either; the government has a rice reserve that, coupled with the stocks of importers, should cover one month of demand. Consumers should remain calm and resist stashing rice.