Rice Imports Decline by 14% Amid Persistently High Prices
Published on: December 12, 2023.
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Philippines’ Rice Imports Decline by 14% as Global Grain Prices Rise
The Philippines saw a 14% decrease in rice imports from January to November, reaching just over 3 million metric tons (MMT). Local traders were deterred by higher global grain prices, as reported by the latest data from the Bureau of Plant Industry (BPI). This figure is about 492,000 metric tons (MT) lower compared to the 3.526 MMT recorded during the same period in the previous year.
The decline in rice import volume can be attributed to the increased global rice prices caused by a tight world supply. India’s rice export ban also contributed to the shortage, according to industry experts.
This marks the third consecutive year that the country’s rice imports have surpassed the 3 MMT mark, with the same figure reported in both 2019 and 2022.
Among the countries exporting rice to the Philippines, Vietnam remained the top source, accounting for 2.689 MMT, followed by Thailand with 161,990.67 MT and Myanmar with 127,818 MT, based on BPI data.
Pakistan exported 34,625.21 MT of rice to the Philippines, while India and Cambodia exported 13,734.79 MT and 3,615 MT, respectively, by the end of November.
Additionally, the Philippines imported 1,000 MT of rice from Taiwan, 12.36 MT from Italy, and nearly 1 MT from Spain, according to BPI data.
Based on BPI data, Bly Agri Venture Trading was the top rice importer in the Philippines during the period from January to November, with a total import volume of 221,938 MT. It was followed by Davao Solar Best Corp. with 218,348 MT and Orison Free Enterprise Inc. with 184,733.8 MT.
Agriculture officials anticipate that the total rice import volume for this year will be lower than the record-high of 3.8 MMT in the previous year due to elevated global rice prices. Leocadio S. Sebastian, the Agriculture Undersecretary for Rice Industry Development, stated that the country’s rice imports for 2023 may settle at around 3.1 MMT, approximately 700,000 MT lower than the 3.826 MMT recorded last year, as importers are discouraged by higher world rice prices. (Related story: Costlier World Grains to Slash Rice Imports)
Source: BusinessMirror.com.ph
