Rice imports reach 2 million metric tons by May’s end
Published on: June 11, 2024.
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Philippines rice imports rise by 30.6% in May
In an update from the Bureau of Plant Industry (BPI), it has been reported that the Philippines imported 2.09 million metric tons (MMT) of rice at the end of May, representing a 30.6% increase. Rice shipments for the month of May alone rose by 28% to reach 411,689 MT.
Vietnam remains the top supplier, accounting for 72.7% of all rice imports in the year to date, equivalent to 1.52 MMT. This is the result of an agreement signed between the Philippines and Vietnam, which grants the Philippines an annual quota of 1.5 million to 2 million MT of rice for a five-year period.
Thailand follows as the second largest supplier with 319,740.74 MT, making up 15.3% of the total imports. Pakistan ranks third with 147,169 MT, representing 7% of the total. Myanmar and India complete the top five, shipping 65,600 MT and 21,169 MT of rice respectively.
These imports contribute to approximately 20% of the overall rice demand in the Philippines. Meanwhile, the Department of Agriculture projects an increase in palay (unmilled rice) production, estimating it to reach 20.44 MMT this year, up from 20.06 MMT last year.
Despite the rise in imports, the US Department of Agriculture has downgraded its initial estimate of Philippine rice imports for this year, projecting a total of 3.9 MMT, down from the previous estimate of 4.1 MMT.
Source: [BWorldOnline.com](https://www.bworldonline.com){:target=”_blank”}
