Philippines may not need to increase rice imports
Published on: April 15, 2024.
Filed under:
Rice Import Forecast for the Philippines Lowered Due to Improved Harvests
The US Department of Agriculture (USDA) has revised its rice import forecast for the Philippines, indicating that the total inflow of imported milled rice in 2024 might not increase. Despite the dry conditions caused by the El Niño phenomenon, improved harvests have resulted in a larger crop, leading to a revised import forecast of 3.9 million metric tons (MT), down from the previous projection of 4.1 million MT. This lowered forecast matches the level of Philippine rice imports in 2023 and follows a steady increase in imports over the past four years, rising from 2.45 million MT in 2020.
In contrast, the USDA has raised its forecast for Philippine milled rice output this year to 12.6 million MT, up from its previous estimate of 12.3 million MT. The estimate for total global imports remains nearly unchanged at 53.4 million MT, while the estimate for global exports has been slightly raised to 53.4 million MT.
Recent data from the Bureau of Plant Industry reveals that rice imports to the Philippines have exceeded one million MT, with Vietnam being the leading source of milled rice, accounting for 62.4 percent or 734,583 MT of the total. Thailand and Pakistan follow closely with 251,738 MT and 124,038 MT, respectively.
According to the Federation of Free Farmers (FFF), traders are expected to increase rice imports to meet the demand for the staple food during the lean months from July to September. The FFF suggests that importers anticipate low supply during this period due to a decline in production caused by El Niño. Despite higher global prices compared to the same period last year, rice import purchases have been surprising.
Rice shipments arriving in early 2024 were ordered at lower prices, with Thai and Pakistani rice prices declining to $560 to $570 per ton, compared to Vietnam’s FOB price of over $600 per ton. Overall, the USDA’s revised estimates indicate a stable rice import market for the Philippines in 2024.
Keywords: rice exporters, Pakistan rice exporters, white broken rice, Pakistan rice, rice suppliers, rice exporters from Pakistan, 25% broken rice, Pakistan rice supplier, Pakistan rice companies, rice mills in Pakistan, rice business in Pakistan, rice suppliers Pakistan, Pakistani rice prices, IRRI 6 rice price, Basmati rice price list, rice export from Pakistan, Pakistani rice export prices, rice exporters in Pakistan, IRRI 6 rice exporters Pakistan, rice suppliers in Karachi, Basmati rice Pakistan, broken rice exporters.
Source: Panay News
