Rice Imports Decreased by 16.37% in October
Published on: October 21, 2023.
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Rice Imports in the Philippines Show Decrease in October
The Department of Agriculture (DA) has reported that rice imports in the Philippines have decreased compared to the previous year. According to data from the Bureau of Plant Industry, as of October 12, imports totaled 2.71 million metric tons (MT), which is 16.37 percent lower than the 3.24 million MT imported during the same period last year.
In October alone, rice imports were recorded at 35,846.50 MT. The peak of rice imports was in April, with 513,425.17 MT imported.
Vietnam remains the top source of rice for the Philippines, accounting for 2.43 million MT or 89.59 percent of total imports. Thailand follows with 123,072.17 MT, Myanmar with 114,818 MT, and Pakistan with 25,545.21 MT.
India, which recently lifted its global export ban on non-basmati white rice, exported 13,604.39 MT of rice to the Philippines and six other countries.
The remaining volume of 5,610.72 MT was shared by Cambodia, China, Japan, Italy, and Spain.
The decrease in rice imports, along with the impending El Niño, has led Agriculture Undersecretary Mercedita Sombilla to state that India’s export allocation will help lower retail prices of rice in the Philippines.
India’s Directorate General of Foreign Trade has allocated the Philippines the largest export allocation of 295,000 MT.
Sombilla also mentioned that there is no plan to reimpose a rice price cap, which was implemented in September but did not successfully control the rise in rice inflation.
As of October 20, the price of local regular milled rice ranges between P41 and P45 per kilogram (kg), while well-milled rice is priced between P45 and P48 per kg. Premium and special rice are available at P47 to P62 per kg.
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