Philippines’ rice imports surpass 2023 level
The Philippines’ rice imports have exceeded last year’s levels and are expected to reach 4.2 million metric tons by the end of 2024. As of October 30, imports totaled 3.8 million metric tons, surpassing 2023’s 3.6 million metric tons. This increase is attributed to low domestic production caused by typhoons and El Nino, with projections of 4.7 million metric tons for 2024.
The Philippines’ rice imports so far this year have surpassed last year’s level and can hit 4.2 million metric tons by end-2024, said Department of Agriculture’s technical advisory group member and former undersecretary for rice industry development Leocadio Sebastian.
Speaking at the recent International World Rice Conference Summit in Manila, Sebastian cited data from the DA-Bureau of Plant Industry, noting that as of October 30, foreign shipments of the staple had totaled 3.8 million metric tons, exceeding the 3.6 million metric tons in 2023, the Manila Times reported on Thursday.
In November and December, the Philippines will probably be expecting another 400,000 metric tons at minimum, he said.
He attributed the higher projected shipments to low domestic rice production due to typhoons and El Nino.
Domestic rice output in the Philippines may be lower than 19.41 million metric tons this year, following multiple typhoons that hit the country.
The United States Department of Agriculture (USDA) Manila office forecasts the Philippines will import around 4.7 million metric tons of rice this year, higher than the previous estimate of 4.6 million.
In its latest Grain report, USDA projected the Philippines will produce 12.3 million metric tons of milled rice this year, lower than the previous forecast of 12.7 million.
Source Link : https://theinvestor.vn/philippines-rice-imports-surpass-2023-level-d13268.html
Recommended for you
