USDA: Philippines to buy less rice amid global demand slowdown
The US Department of Agriculture (USDA) has lowered its forecast for Philippine rice imports in 2024 and 2025 to 4.6 million metric tons, down from the previous estimate of 4.7 million tons. This revision reflects reduced purchases from Vietnam and a broader decline in global rice consumption. The USDA also noted decreased consumption in the Philippines, Kenya, and Vietnam, contributing to a slight reduction in the global rice consumption forecast. Additionally, price spreads among major Asian exporters have narrowed.
The US Department of Agriculture lowered its forecast for Philippine rice imports this year and next, citing a slowdown in purchases from Vietnam and a broader decline in global consumption.
The world’s biggest rice buyer is now seen importing 4.6 million metric tons in 2024, down from a previous estimate of 4.7 million tons, the USDA said in a report Thursday.
The 2025 forecast was also trimmed to 4.6 million tons.
Lower consumption in the Philippines, Kenya and Vietnam contributed to a slight cut in the USDA’s global rice consumption forecast, the report said.
The agency noted a narrowing of price spreads among major Asian rice exporters due to diminished market volatility.
Source Link : https://bilyonaryo.com/2024/08/16/usda-philippines-to-buy-less-rice-amid-global-demand-slowdown/food-nature/
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