PH sees decreased rice imports as local output rises
Due to increased local production, the Philippines might buy less rice from abroad despite a slight rise in consumption caused by a weaker El Niño.
According to a report by the US Department of Agriculture’s Foreign Agricultural Service, the country’s rice imports for this year could be 4 million metric tons instead of the earlier estimate of 4.1 million metric tons, as domestic production is expected to meet the slight rise in demand.
The USDA’s import projection is relatively flat as “the weakened El Niño forecast will support improved growing conditions for the wet season rice crop resulting in stable import demand.”
It also said the minimum access volume or tariff rate quota for rice imports, set at 350,000 MT, was
rendered “largely irrelevant” since at least 90 percent of imported rice comes from Southeast Asian
countries.
All rice imports are subject to the tariff rate of 35 percent until end-2024, per Executive Order No. 50
signed by President Marcos in December last year.
The country imported 793,753.49 MT of rice as of March 7, based on data from the Bureau of Plant
Industry. Vietnam, as in the previous years, accounted for the majority of the supply with 431,846.72
MT, followed by Thailand with 210,127.38 MT
In 2023, the volume of rice that entered the Philippines totaled 3.6 million MT, lower than 3.8 million
MT last year.
The USDA pegged rice production at 12.125 million MT, citing the latest forecast that El Niño could
weaken by April and May, along with the government’s program to support the rice sector and the
increased usage of fertilizer and hybrid seeds.
“Global wheat prices have stabilized, but there was no measurable shift from rice to bread over the
past year as both staples experienced inflation,” it added.
The Philippines produced a total of 20.06 million MT of rice in 2023, up by 1.5 percent, according to
the Philippine Statistics Authority. It surpassed the previous record output of 19.96 million MT in 2021.
Source Link : https://cebudailynews.inquirer.net/564171/ph-sees-decreased-rice-imports-as-local-output-rises
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