Rice Imports Decline by 14% amid Persistently High Prices
Published on: December 12, 2023.
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The Philippines’s rice imports from January to November decreased by 14% compared to the previous year. The country imported a little over 3 million metric tons (MMT) of rice during this period, which is about 492,000 metric tons (MT) lower than the same period last year.
This decline in rice import volume is attributed to higher global grain prices that have affected the appetite of local traders. The elevated global rice prices are a result of tight world supply due to India’s rice export ban. This is the third consecutive year that the country’s rice imports have fallen below the 3 MMT mark.
According to the latest data from the Bureau of Plant Industry (BPI), Vietnam remains the top rice import source for the Philippines, accounting for 2.689 MMT. Thailand and Myanmar follow with 161,990.67 MT and 127,818 MT, respectively. Pakistan recorded rice imports of 34,625.21 MT, while India and Cambodia had imports of 13,734.79 MT and 3,615 MT, respectively.
Rice imports from other countries include 1,000 MT from Taiwan, 12.36 MT from Italy, and nearly 1 MT from Spain. Among the top importers in the country during this period were Bly Agri Venture Trading with an import volume of 221,938 MT, followed by Davao Solar Best Corp. with 218,348 MT and Orison Free Enterprise Inc. with 184,733.8 MT.
Agriculture officials predict that the total rice import volume for this year will be lower than the record-high of 3.8 MMT in the previous year due to the elevated global rice prices. It is estimated that rice imports for 2023 will settle at around 3.1 MMT, about 700,000 MT lower than last year’s recorded volume.
Source: Business Mirror
