Global Rice News

2024 Rice Imports Reach Record 570,000 Metric Tons

Manila, Philippines – The country’s rice imports have surpassed expectations, reaching an impressive 570,000 metric tons as of mid-February. This figure represents an increase of over 40 percent compared to the total imported volume during the same period last year. The latest data from the Bureau of Plant Industry (BPI) reveals that the rice imports as of February 16 totaled 569,286 MT, significantly higher than the combined volume of 394,553 MT imported in January and February of the previous year.

Rice imports from Vietnam accounted for over half of the total, amounting to approximately 327,418.09 MT. Thailand followed with 154,234.38 MT, while Pakistan contributed 60,638.3 MT. Other countries such as Myanmar, Cambodia, Japan, India, and Italy also served as rice suppliers during this reference period.

Among the major rice importers, Bly Agri Venture Trading led the pack with a total import volume of 262,284 MT as of February 16, closely followed by Orison Free Enterprise Inc. at 241,711.88 MT and Davao Solar Best Corp. at 223,808 MT.

Industry experts attribute this surge in rice imports to traders and importers hedging against potential future increases in global rice prices. Raul Montemayor of the Federation of Free Farmers explains that importers are importing now despite elevated prices in anticipation of even higher prices in the coming months.

The increase in rice imports can also be seen as a precautionary measure to counter the potential adverse effects of El Niño on domestic rice production. Rowena Sadicon, founder and lead convenor of the Philippine Rice Industry Stakeholders Movement, states that the higher import volume is a preemptive strategy as January and February are considered off-peak months for domestic rice harvest. This timing helps ensure that the imports will not significantly impact the prices of paddy.

The uptick in import volume is a positive sign for the country’s preparedness to tackle the challenges posed by El Niño. It indicates that there is an ample supply of rice in the market, both through imports and local sources, to effectively address food security concerns.

The BPI issued 1,240 SPSICs (Sanitary and Phytosanitary Import Clearances) for the importation of 2.447 million MT during the reference period. In January, 979 SPSICs were issued for imports totaling 2.246 million MT, and in February, 261 SPSICs were approved for imports amounting to 201,071.97 MT.

The top three entities with the highest approved import volume were LVM Grains Enterprises at 417,700 MT, Purerice Milling and Processing Corp. at 405,600 MT, and Purefeeds Corp. at 375,000 MT. SPSICs are issued by the BPI to ensure the safety of imported agricultural products for human and plant health.

Agriculture Undersecretary for Operations Roger Navarro expects the country to have sufficient rice stocks until the first half of the year, thanks to higher rice imports and the anticipated dry season harvest in the coming months.

The United States Department of Agriculture has also raised its rice import forecast for the Philippines to 3.9 million MT for this year, driven by increased purchases from Vietnam.

With the record-breaking rice imports, the Philippines continues to solidify its position as a major player in global rice trading.

Source: https://www.philstar.com