Rice Imports Reach 1.18 Million MT: Latest Update on Rice Importation
Published on: April 11, 2024.
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The Philippines has imported 1.18 million metric tons (MT) of rice as of April 4, according to the Bureau of Plant Industry (BPI). Rice imports for the month of April so far stand at 23,539.92 MT. In the first quarter, rice shipments reached 1.15 million MT, showing a 43.6% increase compared to the same period last year.
Vietnam remains the top supplier of rice to the Philippines, accounting for 62.4% of all imports as of early April, equivalent to 734,583.07 MT. In January, the Philippines and Vietnam signed an agreement allowing the Philippines to import 1.5 million to 2 million MT of rice annually for the next five years.
Thailand comes in second, supplying 251,738.43 MT of rice during the period, representing 21.4% of the total imports. Pakistan follows closely behind with 124,038.5 MT, accounting for 10.5% of the total. Myanmar and China complete the top five with 58,080 MT and 4,680 MT of rice shipped, respectively.
The US Department of Agriculture (USDA) predicts that the Philippines’ rice imports will reach 4 million MT this year, which would be an increase of 11.7% compared to 2023’s import volume of 3.58 million MT. However, the Department of Agriculture (DA) believes that the actual imports are unlikely to meet the USDA’s forecast due to better-than-expected domestic rice production. The DA aims to achieve a palay (unmilled rice) harvest of over 20 million MT.
Agriculture Secretary Francisco P. Tiu Laurel, Jr. has stated that the USDA’s import estimate is a “worst-case scenario” in the event that domestic rice output is severely impacted by El Niño.
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