Philippines’ rice imports up 19% in eight months
In the first eight months of 2024, the Philippines imported 2.8 million metric tonnes (MT) of rice, a 19% increase from the 2.3 million MT during the same period last year. August saw rice imports rise to 296,350.9 MT, though it was lower than the earlier monthly average of 400,000 MT. Vietnam remained the top supplier, contributing 77% of total imports. Despite this, rice prices have decreased, with regular rice now selling for PHP 45 ($0.8) per kilo.
Rice imports to the Philippines amounted to 2.8 million metric tonnes (MT) during the first eight months of this year, 19% higher than the 2.3 million in the same period last year, data from the country’s Department of Agriculture (DA) showed.
In its latest report, the department’s Bureau of Plant Industry (BPI) said in August alone, rice from abroad increased to 296,350.9 MT compared to 167,403 MT in July. However, it was still lower than the average monthly arrival of 400,000 MT logged in the earlier months.
Agriculture Assistant Secretary and spokesman Arnel de Mesa said rice prices have been decreasing. Regular and well-milled rice is sold at around PHP 45 ($0.8) per kilo and even as low as PHP 42, he added.
According to the report, Vietnam remained the Philippines’ top source of the staple during the period, shipping over 2.17 million MT or around 77% of the country’s total imports in the January-August period. It was followed by Thailand (371,390 MT), Pakistan (156,121 MT) and Myanmar ( 66,910 MT).
Last year, inbound shipments of rice totalled 3.6 million MT, down 5.9% from the record-high 3.82 million MT in 2022. The DA projects rice imports for this year will not exceed last year’s volume.
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