Despite record production and ample stocks, the Philippines is expected to import a record volume of rice in the 2024-2025 crop year, according to a report from the Foreign Agricultural Service (FAS) of the US Department of Agriculture.
Hanoi (VNA) - Desp🥃ite record production and ample stocks, the Philippines is expected to import a record volume of rice in the 2024-2025 crop year, according to a report from the Foreign Agricultural Service (FAS) of the US Department of Agriculture.
The FAS said the projected import total of 4.7 million tonnes, which matches last year’s record high, is spurred in part by high domestic prices and the government's recent decision to reduce tariffs from 35% to 15%.
The Philippines is by far the world’s largest rice importer and perennially ranks among the top five in consumption.
The Philippines’ milled rice production is forecast slightly higher than the previous year at 12.7 million tonnes, the report said, as the country emerges from the current El Niño weather pattern and government spending on inputs and machinery offsets a slight drop in yields.
Rice consumption in the country is projected at a record 17.2 million tonnes, with the FAS noting that demand “remains durable despite inflation.”
Its ending stocks are expected to reach a record of 4.2 million tonnes in 2024-2025 as the government encourages dealers to maintain buffer stocks./.
Vietnam continues to assert its dominance as the top rice exporter to the Philippines, with 2.91 million tonnes shipped as of the late October, or over 79% of the Philippines' total rice imports, according to the Vietnam Trade Office in the Philippines.
The Philippines, one of the world's largest rice buyers and biggest importers of the Vietnamese grain, officially announced a reduction in rice import taxes from 35% to 15%, effective in early August this year and lasting until 2028.
Indonesia’s National Food Agency (Bapanas) announced that the government is preparing to import an additional 1.6 million tonnes of rice to fill the government's rice reserves managed by the national logistic agency (Bulog).
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