Vietnam, Thailand vie for larger rice market share in Philippines
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Rice exporters from Vietnam and Thailand are intensifying their efforts to capture a larger share of the Philippine market, as reported by Nikkei Asia. The Philippines, facing a decline in domestic rice supply, has increased rice imports and reduced import tariffs to stabilize prices. The USDA forecasts the country will import up to 4.1 million tonnes of rice in 2024, up from 3.2 million tonnes in 2023. Philippine Agriculture Secretary Francisco Tiu Laurel has emphasized strengthening cooperation with Vietnam to ensure food security, with the Philippines being a major importer of Vietnamese rice.”
Rice exporters of Vietnam and Thailand are competing to gain a larger market share in the Philippines, reported Nikkei Asia.
According to the recent article, one of the reasons is that the Philippines is stepping up rice imports from neighbouring countries due to a decline in domestic supply. The Southeast Asia nation has also cut rice import tariff to stabilize rice prices in the domestic market.
The article cited data from the US Department of Agriculture showing the Philippines – the world’s largest rice importer – is forecast to ship in up to 4.1 million tonnes of the grain this year, up from 3.2 million tonnes in 2023.
During a working visit to Vietnam in July, Secretary of the Philippine Department of Agriculture Francisco Tiu Laurel said Manila wants to promote cooperation with Vietnam in rice production to ensure food security. In recent years, the Philippines has remained the leading importer of Vietnamese rice.
Source Link : https://theinvestor.vn/vietnam-thailand-vie-for-larger-rice-market-share-in-philippines-d11622.html
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