• The Philippines will remain the world’s top rice importer this year, according to the US Department of Agriculture
• The country is seen to import 4.2 million metric tons of rice this year from 3.9 million mt last year
• Vietnam is expected to be the Philippines’ main source of the staple
• India is seen to remain the world’s top exporter of the commodity at 18 million mt
• India’s high exports are seen to partially offset declines from other top exporters like Vietnam, Thailand, Pakistan, and Myanmar

The Philippines will remain the world’s top importer of rice this year, according to the US Department of Agriculture (USDA).

Shipments this year are expected to hit 4.2 million metric tons (mt) compared to 3.9 million mt last year. This is a 5.1% increase year-on-year.

A report from the USDA’s Foreign Agriculture Service said the expected volume of imports would be attained due to population growth and the rise in tourism.

Vietnam is expected to be the Philippines’ main source of the staple.

Another source of rice imports is India, which is seen to remain the world’s top exporter of the commodity at 18 million mt.

This, despite trade restrictions, notably on the type of rice preferred by Indians.

India accounts for roughly one-third of total global rice exports.

According to the USDA, ”Exports are expected to increase, driven by a larger crop and ample stocks. Despite trade-restrictive measures for a portion of rice exports, volumes are set to remain robust.”

India’s high exports are seen to partially offset declines from other top exporters like Vietnam, Thailand, Pakistan, and Myanmar.

Countries which are also expected to have substantial imports this year include Indonesia, China, and the European Union.

The Philippines’ previous record for rice imports was the 3.82 million mt in 2022.

The country’s problems of its main staple are compounded by a likely larger shortfall in local harvest this year.

Published Date: May 13, 2024