January rice imports hit 56,090 metric tons
Published on: January 27, 2024.
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Rice Imports in January Reach 56,090 Metric Tons
In the month of January, the Philippines has received a total of 56,090 metric tons (MT) of imported rice, according to the Bureau of Plant Industry. This marks a significant amount of rice arriving in the country to meet the demand for this staple food.
Among the countries that have contributed to the rice imports, Vietnam takes the lead with 36,911 MT, accounting for 34 percent of the total. Thailand follows with 16,351 MT, while Myanmar, Pakistan, and Japan contribute 1,040 MT, 898 MT, and 892 MT respectively.
While these imports have been crucial in meeting the rice demand, Jayson Cainglet, the executive director of the farmers’ group Samahang Industriya ng Agrikultura, expects a decrease in rice imports for the year 2024. This is in line with the projection made by the US Department of Agriculture, which estimates that the Philippines’ total rice imports might reach 3.8 million metric tons for the year.
In 2023, the actual import arrival of rice was recorded at 3.5 million MT, supporting Cainglet’s position and that of the Department of Agriculture regarding a reduced volume of rice imports. The government is expected to determine the exact quantity of rice to be imported for the whole year in April.
In addition, Cainglet suggests that the impact of El Niño on the current palay crops will play a crucial role in determining the final import volume. It is important to consider this factor along with other agricultural considerations.
The spike in global rice prices, which have now exceeded $600 per MT, can be attributed to speculation, as mentioned by Cainglet. These high prices further necessitate careful monitoring and management of the import process to ensure an adequate and affordable supply of rice.
