Late June sees rice imports reach 2.28 MMT
Published on: July 1, 2024.
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IMPORTED RICE IN THE PHILIPPINES SURPASSES EXPECTATIONS
In the first half of 2023, the Philippines has already imported 2.28 million metric tons (MMT) of rice, surpassing expectations by 22.6%, according to the Bureau of Plant Industry (BPI). The country relies on imports for about 20% of its rice supply due to insufficient domestic production and to manage high rice prices.
To combat inflation and stabilize prices, President Ferdinand R. Marcos, Jr. has signed Executive Order No. 62, which reduces rice tariffs to 15% until 2028. This new tariff regime will be reviewed every four months.
Vietnam remains the leading supplier of rice to the Philippines, accounting for 73.2% of all imports so far this year. In January, the Philippines and Vietnam signed an agreement granting the Philippines an annual quota of 1.5 million MT to 2 million MT of rice for a five-year period.
Thailand comes in second, supplying 348,171.74 MT of rice, equivalent to 15.3% of the total imports. Pakistan follows with 151,318.86 MT, or 6.6%.
Among the other top rice suppliers are Myanmar and India, which shipped 66,120 MT and 21,169 MT of rice, respectively.
The US Department of Agriculture has upgraded its projections for Philippine rice imports in 2023 to 4.6 MMT, up from 3.9 MMT, in response to high demand and the reduced tariffs implemented by the government.
The Department of Agriculture, on the other hand, projects rice imports of 3.9 MMT for this year.
For more information on rice exporters, rice suppliers, and rice prices, visit [Source](https://www.bworldonline.com).
