According to a report from the United States Department of Agriculture (USDA), the Philippines is projected to remain the world’s top importer of rice in 2024.
The USDA predicts that the Philippines will import a record 3.8 million tons of rice this year, surpassing other major importers such as China, Indonesia, the European Union, Nigeria, and Iraq.
The increase in rice imports is attributed to the country’s need to strengthen its local inventory amid challenges such as the El Niño phenomenon and the decline in global rice trade volume due to export bans by India.
The Philippines has been the top rice importer since September 2023, surpassing China. The country’s imported rice mainly comes from Vietnam, Thailand, and Pakistan, and these countries are also expected to increase their rice production this year.
The Department of Agriculture has announced that approximately 500,000 metric tons of imported rice are expected to arrive by February to strengthen the local inventory. The retail prices of rice in Metro Manila markets vary, with imported rice generally priced higher than local rice.
Source: PhilNews24 | January 22, 2024
