Rice imports surge by 20.3%, reaching nearly 2 million MT
Published on: June 3, 2024.
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Philippines’ Rice Imports Increase by 20.3% in First 5 Months of 2023
The Philippines has seen a significant increase in rice imports in the first five months of 2023, according to data from the Bureau of Plant Industry (BPI). The country imported nearly 2.0 million metric tons (MT) of rice during this period, a 20.3% increase compared to the same period last year.
The latest report from the BPI shows that rice imports from January 1 to May 23 totaled 1.97 million MT, compared to 1.64 million MT during the same period in 2022. The BPI, under the Department of Agriculture (DA), is responsible for monitoring rice imports.
In May alone, the country imported 299,258.01 MT of rice, slightly lower than the 321,582.36 MT imported in May 2022.
Since the beginning of the year, the BPI has issued a total of 4,066 sanitary and phytosanitary import clearances to accredited rice importers.
Vietnam remains the top source of rice imports, accounting for 1.44 million MT or 72.9% of total imports from January 1 to May 23. Thailand followed with 300,227.24 MT, Pakistan with 144,834.50 MT, and Myanmar with 65,080 MT.
The remaining rice imports came from India, China, Japan, Cambodia, Italy, and Spain.
Last year, the Philippines imported a total of 3.6 million MT of rice, a 5.9% decrease from the record high of 3.82 million MT in 2022. The DA projects that rice imports for this year will not exceed last year’s volume.
However, the United States Department of Agriculture predicts that the Philippines will remain the largest global rice importer, with imports expected to reach a record 4.2 million MT due to increasing consumption.
On the other hand, local rice inventory has declined by 10.9% as of April due to the effects of El Niño, as reported by the Philippine Statistics Authority. Rice inventory at the beginning of April was estimated at 1.64 million MT, lower than the 1.84 million MT recorded in the same period of 2022.
Month-on-month, the volume of rice stocks inventory increased by 20.2% compared to the previous month’s inventory of 1.37 million MT.
Source: [The Manila Times](https://www.manilatimes.net)
