Global Rice News

Govt to Boost Rice Exports to Philippines

Thailand’s government is aiming to increase rice exports to the Philippines, as the Southeast Asian nation is expected to import more rice than previously anticipated this year. The Commerce Minister, Phumtham Wechayachai, stated that the Philippines is one of Thailand’s key rice export markets, and efforts will be made to negotiate a deal to sell more Thai rice. The price and superior quality of Thai rice make it highly competitive in the market.

To explore trade opportunities for Thai entrepreneurs worldwide, the Department of Foreign Trade (DFT) and commercial attachés in various countries have been instructed by Mr Phumtham to actively seek out potential partnerships.

The Foreign Agricultural Service of the US Department of Agriculture (USDA) has projected that the Philippines will need to import 4.1 million tonnes of rice this year. This forecast is an increase of around 200,000 tonnes or 5.1% from the previous estimate of 3.9 million tons in February. The increase in imports is attributed to smaller harvests from local farms. If the projection is accurate, it signifies a 14% rise from the 3.6 million tonnes of rice that the country imported in 2023.

The USDA has also revised its milled rice production forecast for the Philippines in 2023, lowering it to 12.3 million tonnes from the previous estimate of 12.5 million tonnes. This stands in contrast to the global expectation of increased rice output to 515.4 million tonnes, primarily driven by India’s larger crop.

In 2023, 82% of the Philippines’ rice imports came from Vietnam, with the remaining portion sourced from Thailand, Myanmar, Pakistan, India, and other countries.

“Agencies involved have been directed to expedite the development of new commercial rice varieties, particularly those with high amylose content, to meet the demand of the Philippines market and regain market share for Thai rice producers,” stated Mr Phumthan.

Sources:
Bangkok Post