Mid-March rice imports surpass total for Q1 2023
Published on: March 27, 2024.
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THE PHILIPPINES Exceeds First-Quarter Rice Import Total, According to Bureau of Plant Industry
In a report from the Bureau of Plant Industry (BPI), it was revealed that as of March 14, the Philippines had imported a total of 886,963.11 metric tons (MT) of milled rice, surpassing the first-quarter total for 2023. This increase in imports suggests a significant rise in rice imports this year.
During the March 1-14 period, inbound shipments reached 118,796.62 MT, contributing to the overall increase in imports. This growth in rice imports aligns with the projection from the US Department of Agriculture, which estimates that the Philippines will import approximately 4 million MT of rice this year, slightly lower than their previous projection of 4.1 million MT. This adjustment was made due to the anticipation of a smaller domestic crop caused by the impact of El Niño.
Among the top rice suppliers, Vietnam remained the leading country, accounting for 55.7% of the Philippines’ rice imports, with a volume of 493,962.72 MT. Vietnam previously signed a memorandum of understanding with the Philippine government, committing to supply 1.5 million to 2 million MT of rice annually for the next five years.
Thailand followed as the second-largest supplier, providing 230,559.43 MT, which made up 26% of the total rice imports. Pakistan ranked third with a contribution of 109,803.5 MT, accounting for 12.4% of the imports. Myanmar and Cambodia completed the top five sources, with volumes of 48,960 MT and 1,620 MT, respectively.
In addition to the increase in rice imports, the National Food Authority (NFA) announced that it signed memoranda of agreement with several local government units (LGUs) to secure the procurement of palay for the dry season harvest. Through the Palay Marketing Assistance Program for Legislators and Local Government Units, the NFA aims to compete with private traders by providing a premium to the NFA’s buying price.
Several LGUs, including Camarines Norte, La Union, Bukidnon, Zamboanga, Midsayap, Cotabato, Calapan, Oriental Mindoro, Malolos, Bulacan, and Conner, Apayao have agreed to add up to P5 premium to the NFA’s palay buying price in an effort to support farmers.
To learn more about rice exporters, visit [Source](https://www.hasrice.com)
