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Malaysia relies on imports to satisfy local demand for grain commodities including rice, corn, and wheat.

On June 4, a Costa Rican court restored the Chaves administration's policy of dramatically lower tariffs on imported milled and rough rice, overturning an earlier court ruling that reversed the lower tariffs in April 2024.

FAS/San José anticipates Costa Rica's Ministry of Foreign Trade to allocate 2024 Dominican Republic - Central America Free Trade Agreement rice quota allocations by the end of April, effectively constraining the availability of U.S. duty-free rice to the final eight months of 2024. Though Costa Rica typically allocates quota volumes in December of the preceding year, calculations of 2024 volumes have been contested by importers following an extraordinary process resulting from a 2022 cyber attack.

Costa Rica reinstated 35 percent tariffs on non-U.S.-origin rice after an administrative court overturned an August 2022 tariff reduction and the Government’s appeal was rejected. Demand for U.S. rice has surged following the tariff restoration on reduced South American-origin rice competitiveness.

U.S. rough rice exports have plummeted and the decline of Costa Rican rice production has accelerated sharply following the Government of Costa Rica’s August 2022 tariff rate reduction on imported rice from all origins.

Post forecasts that consumption and imports of corn, wheat and rice in Malaysia will slightly increase in Marketing Year (MY) 2023/24, in line with population growth and normalization of the market.

On July 6, the Government of Costa Rica published a draft executive decree that would dramatically reduce tariffs on imported milled and rough rice. The vast majority of U.S. rice exported to Costa Rica in 2021 (valued at $25 million) entered under a duty free quota for rough rice established by the Dominican Republic-Central America Free Trade Agreement.

Post forecasts that consumption of corn and wheat in Malaysia will marginally increase in Marketing Year (MY) 2022/23, assuming an eventual stabilization of commodity prices following the disruption caused by the crisis in Ukraine.

Post forecasts that consumption of corn and wheat in Malaysia will gradually rebound in marketing year 2021/22 with rice consumption slightly down as consumers return to eating outside the home.

Costa Rican consumers rushed to the supermarkets to buy higher volumes of basic staples such as rice and beans as the first cases of COVID-19 hit the country in March.

Post expects MY 2020/21 corn imports to reach 4.08 million metric tons (MT) due to steadily growing demand for poultry feed. MY 2020/21 wheat imports are expected to increase only slightly...

Post expects MY 2019/20 corn imports to reach 4.15 million metric tons (MT), up 4 percent from the previous year, due to steadily growing demand for poultry feed.