October sees a 16.37% decline in rice imports
Published on: October 21, 2023.
Filed under:
RICE Imports Decline in Mid-October, Helping Stabilize Rice Prices
The Department of Agriculture (DA) has reported a significant decrease in rice imports as of mid-October compared to the previous year. According to data from the Bureau of Plant Industry, inbound shipments of rice totaled 2.71 million metric tons (MT) on October 12, down by 16.37% from the 3.24 million MT recorded in the same period last year.
For the month of October alone, rice imports reached 35,846.50 MT, with the highest peak occurring in April at 513,425.17 MT. Notably, Vietnam remained the top source of rice imports, accounting for 89.59% of the total imports with 2.43 million MT. Thailand followed with 123,072.17 MT, Myanmar with 114,818 MT, and Pakistan with 25,545.21 MT.
In an effort to stabilize rice prices amid lower imports and the expected El Niño phenomenon, India has allowed exports of non-basmati white rice to the Philippines and six other countries after implementing a global export ban in July. India shipped 13,604.39 MT of rice to the Philippines.
The remaining volume of rice imports, totaling 5,610.72 MT, was shared by Cambodia, China, Japan, Italy, and Spain.
Agriculture Undersecretary Mercedita Sombilla believes that India’s export allocation will help lower the retail prices of rice in the Philippines, considering the lower import volume and the impending El Niño. The Philippines has been allocated the largest share of India’s export allocation, with 295,000 MT.
Sombilla also mentioned that there have been calls to reimpose a rice price cap, which was implemented in September but failed to suppress the surge in rice inflation. At present, based on the DA’s price monitoring, local regular milled rice is priced between P41 and P45 per kilogram (kg), well-milled rice ranges between P45 and P48 per kg, and premium and special rice are available at P47 to P62 per kg.
Overall, the decrease in rice imports coupled with India’s export allocation is expected to have a positive impact on stabilizing rice prices in the Philippines.
Source
