The US Department of Agriculture lowered its forecast for Philippine rice imports this year and next, citing a slowdown in purchases from Vietnam and a broader decline in global consumption.

The world’s biggest rice buyer is now seen importing 4.6 million metric tons in 2024, down from a previous estimate of 4.7 million tons, the USDA said in a report Thursday.

The 2025 forecast was also trimmed to 4.6 million tons.

Lower consumption in the Philippines, Kenya and Vietnam contributed to a slight cut in the USDA’s global rice consumption forecast, the report said.

The agency noted a narrowing of price spreads among major Asian rice exporters due to diminished market volatility.

Published Date: August 16, 2024