Philippines imported rice shipments hit 2.17 million metric tons by June 6
Published on: June 18, 2024.
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THE country’s rice imports have exceeded 2.17 million metric tons (MMT) as of June 6, according to the Bureau of Plant Industry (BPI). The data shows that Vietnam remains the top source of imported rice, with over 1.59 MMT imported during this period. Thailand follows with 339,670.74 MT imported. Additionally, the Philippines imported 148,618.86 MT of rice from Pakistan from January to June, surpassing the 99,280.71 MT exported by Pakistan to the country in the entire 2023. India also supplied 21,345.10 MT of rice to the Philippines during this period, higher than the 13,924.63 MT it supplied in the entire 2023.
Leading the 154 rice importers is BLY Agri Venture Trading, with a total volume of 145,628.99 MT. Following closely behind are Orison Free Enterprise Inc. and Macman Rice and Corn Trading, with 132,509.35 MT and 115,410.80 MT respectively.
The BPI has approved and issued 4,198 sanitary and phytosanitary import clearances (SPSICs) for the importation of 4.9 MMT of rice. These clearances are necessary for rice importers to ensure the safety of the imported rice and prevent the introduction of pests that could harm the local agriculture sector.
According to the United States Department of Agriculture (USDA), the Philippines’ rice import forecast has been raised to 4.7 MMT in 2025 due to increased consumption and reduced tariffs. The USDA’s monthly report on global grains trade also states that global stocks are expected to increase, primarily driven by India and the Philippines, while decreases are projected for Pakistan and Vietnam.
In a move to lower the price of rice, the National Economic and Development Authority (Neda) Board has approved a tariff reduction for rice from 35 percent to 15 percent until 2028.
For more information, visit the source article at the BusinessMirror website.
Source: BusinessMirror
