Philippines remains the world’s largest rice importer
The Philippines is expected to import more rice in 2024 and the next year, remaining as the world’s top importer of this staple food as the El Nino, La Nina and recent typhoons have curbed domestic production.
The Philippines is expected to import more rice in 2024 and the next year. (Photo: AFP/VNA)
Hanoi (VNA) – The Philippines is expected to import more rice in 2024 and the next year, remaining as the world’s top importer of this staple food as the El Nino, La Nina and recent typhoons have curbed domestic production.
In its latest report called “Grain: World Markets and Trade”, the US Department of Agriculture (USDA)’s Foreign Agricultural Service estimated that the country’s rice import would reach 4.7 million tonnes in 2024, up by 2.2% from its previous projection, citing "strong buying of Vietnamese rice".
The Philippines’ rice import is said to rise to 4.9 million tonnes next year as a result of the “small crop” delivered by local farms.
The USDA’s projection aligns with a higher forecast for global rice import this year, attributed to increases in demand from Malaysia and Nepal.
The report also forecast a surge in global import in 2025, underpinned by higher demand from several African and Asian markets even as India’s trade policy changes are expected to boost global supply and lower prices.
The department estimated that the Philippines' milled rice production would amount to 12.7 million tonnes this year and decline to 12.3 million tonnes in the following year.
According to the Philippine Bureau of Plant Industry, the country imported 3.29 million tonnes of the grain as of October 3, with Vietnam being the largest rice supplier (2.61 million tonnes), followed by Thaland (over 416,000 tonne🅘s) and Pakistan (over 157.500 tonnes)./.
Rice imports to the Philippines amounted to 2.8 million metric tonnes (MT) during the first eight months of this year, 19% higher than the 2.3 million MT in the same period last year, data from the country's Department of Agriculture (DA) showed.
Rice exporters of Vietnam and Thailand are competing to gain a larger market share in the Philippines, reported Nikkei Asia in an article published on August 2.
Indonesia’s National Logistics Agency (Bulog) recently said it will prioritise domestically produced rice despite the planned imports of the staple food.
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