Rice imports as of Sept. 8 exceed 2021 volume

A total of 137 eligible rice importers brought in rice from Cambodia, China, India, Japan, Myanmar, Pakistan, Singapore, Spain, Taiwan, Thailand and Vietnam from January 1 to September 8.

The Philippines’s rice imports as of September 8 breached the 2.8-million metric ton (MMT) mark and surpassed last year’s volume of 2.771 MMT, the latest government data showed.

Bureau of Plant Industry (BPI) data indicated that total rice imports from January 1 to September 8 reached 2.806 MMT, or 1.26 percent higher than the 2.771 MMT of rice imported by the country in 2021.

BPI data showed that Vietnam accounted for 82.18 percent or about 2.306 MMT of the total volume of rice imported during the period. Vietnam was followed by Myanmar with 202,319.280 metric tons (MT) and Thailand with 140,171.375 MT.

A total of 137 eligible rice importers brought in rice from Cambodia, China, India, Japan, Myanmar, Pakistan, Singapore, Spain, Taiwan, Thailand and Vietnam from January 1 to September 8. The importers used a total of 3,155 sanitary and phytosanitary import clearances (SPS-IC), according to BPI data.

BPI data showed that NAN Stu Agri Traders led all rice importers with a total import volume of 141,620 MT followed by Manus Dei Resources Ent. Inc. with 136,881 MT, and Lucky Buy and Sell with 127,483 MT.

Philippine Chamber of Agriculture and Food Inc. President Danilo V. Fausto said the increase in rice imports may dampen local unmilled rice prices as the market is “overflowing with supply.”

“Palay prices being harvested today and next month would be affected. Farm-gate prices will not go up,” Fausto told the BusinessMirror.

The United States Department of Agriculture (USDA) earlier revised upward its total rice import forecast for the Philippines this year to a record level of 3.4 MMT, from an earlier estimate of 3.2 MMT.

In its monthly global grain report, the USDA increased its total rice import forecast for the Philippines this year by 200,000 MT due to “large purchases from Vietnam.”

The new import forecast for the Philippines, the world’s second-largest buyer of rice, is 15.25 percent higher than the 2.95 MMT of rice it imported last year, based on USDA data.

If the forecast materializes, this would be the first time in the Philippines’s history that it would import more than 3 MMT of rice, according to historical USDA data.

The Philippine Statistics Authority reported last month that the value of the country’s agricultural output in the first half contracted by 0.4 percent, mainly due to the anemic performance of the crops and fisheries subsectors.

Data released by the PSA showed that the value of farm output in January to June (at constant 2018 prices) reached P853.087 billion, lower than last year’s P856.66 billion.

In terms of volume, the country’s unmilled rice production contracted by 0.63 percent to 8.743 MMT in January to June, from last year’s 8.799 MMT. Corn output, however, rose by 1.1 percent year-on-year to 3.926 MMT. Palay and corn account for the bulk of the crops subsector’s output.

Date: 19-Sep-2022
https://businessmirror.com.ph/2022/09/19/rice-imports-as-of-sept-8-exceed-2021-volume/