PHL rice imports up 7.69% in 5 months to May
THE PHILIPPINES imported 1.62 million metric tons (MT) of rice in the five months to May, up 7.69% from a year earlier, the Bureau of Plant Industry said.
During the five months, Vietnam — the Philippines’ leading top rice supplier —delivered 1.5 million MT or 89.63% of the total.
In a report, the United States Department of Agriculture (USDA) projected Philippine rice imports at 3.8 million MT this year, upgrading a previous estimate of 3.6 million MT.
Overall global rice consumption next year is expected to come in at 523.772 million MT, it said.
“Global consumption is up with increases for India and the Philippines. Imports are forecast higher, mainly for Kenya and the Philippines,” the USDA said.
The USDA also forecast Philippine consumption at 16.5 million MT for the 2023-2024 period, exceeding the previous forecast of 16.3 million MT.
President Ferdinand R. Marcos, Jr., who is also the Secretary of Agriculture, signed an Executive Order (EO) No. 10 extending the validity of reduced tariff rates on various agricultural commodities, including rice, importers of which pay 35% for Southeast Asian grain.
The EO is set to expire at year’s end. — Sheldeen Joy Talavera
