Philippines to maintain its position as the leading global rice importer
Published on: May 13, 2024.
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The Philippines Set to Remain the World’s Top Rice Importer in 2024
The Philippines is projected to maintain its position as the world’s leading rice importer this year, according to a report by the US Department of Agriculture (USDA). The country is expected to import 4.2 million metric tons (mt) of rice in 2024, a 5.1% increase from the 3.9 million mt imported in the previous year.
The rise in rice imports is attributed to population growth and an increase in tourism. Vietnam is anticipated to be the primary source of rice for the Philippines, while India retains its top rank as the largest rice exporter globally, with an expected export of 18 million mt, despite trade restrictions imposed on certain rice varieties.
The USDA report states, “Exports are forecasted to grow due to a larger crop and sufficient stocks. Despite trade restrictions for some rice exports, the overall volume is expected to remain strong.”
While other major rice-exporting countries such as Vietnam, Thailand, Pakistan, and Myanmar are experiencing declines in exports, India’s high export volume is likely to offset the decrease.
In addition to the Philippines, Indonesia, China, and the European Union are also expected to have significant rice imports this year.
It is worth noting that the Philippines had previously set a record for rice imports in 2022, with 3.82 million mt.
In conclusion, the Philippines’ reliance on rice imports continues to grow, making it the world’s leading importer. Despite challenges faced by other rice-exporting nations, India remains the top exporter of rice globally.
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Source: https://www.portcalls.com
