Philippines stays as world’s top rice importer

Philippines stays as world’s top rice importer

MANILA, Philippines — The Philippines is expected to remain the world’s top importer of rice this year with the US Department of Agriculture (USDA) predicting that the country would increase its procurement of the staple.

“The Philippines is projected to remain the number one global rice importer — taking a record 3.8 million [metric] tons — in 2024, followed by China, Indonesia, the European Union, Nigeria, and Iraq,” the USDA’s Economic Research Service said in a report.

The estimated volume is in contrast to the global rice trade estimated pegged at 52.2 million MT, down by 223,000 MT from 52.4 million MT a year prior.

The report largely attributed the “substantial decline” in overall rice trade and the “small projected decreases” this year to export bans implemented by India between 2022 and 2023.

“On an annual basis, Brazil, Egypt, Ghana, Indonesia, Kenya, Mozambique, North Korea, Singapore, Tanzania, Togo, and Vietnam account for the bulk of the projected decline in global rice imports in 2024,” it said.

Increased imports

Asian countries China, South Korea, Malaysia, and the Philippines are seen to increase imported rice purchases.

Likewise, Afghanistan, Angola, Bangladesh, the Democratic Republic of the Congo, Cuba, Ethiopia, Iran, Liberia, Libya, Madagascar, Mexico, Nepal, Saudi Arabia, Sierra Leone, the United Arab Emirates, the United Kingdom, the United States and Yemen are expected to procure more rice.

In the previous year, the Philippines imported 3.6 million MT of rice, down by 5.9 percent from 3.8 million MT in 2021, based on the data from the Bureau of Plant Industry.

Vietnam accounted for 3 million MT of the total while Thailand and Myanmar exported 344,514.10 MT and 151,183.00 MT to the country.

The agency also said the Philippines bought 56,090.63 MT as of Jan. 11 this year, mostly from Vietnam, the country’s leading source

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