The Philippines has experienced a significant increase in rice imports during the first two months of 2024, according to data from the Department of Agriculture's Bureau of Plant Industry (BPI).
Rice imports for January and February totaled 728,254.49 metric tons (MT), representing an 84.57 percent surge compared to the same period last year when imports stood at 394,553.66 MT.
While February saw a slight decrease in rice shipments compared to January, the volume remained within the monthly minimum rice import level, sufficient to meet the country's average daily consumption of 37 MT.
Vietnam continues to be the Philippines' primary rice supplier, accounting for 53.68 percent of the total imports, with 390,997.22 MT shipped to the country. Thailand, Pakistan, and Myanmar also contributed to the rice imports.
The United States Department of Agriculture (USDA) forecasts that rice imports for 2024 could reach 4.1 million MT, reflecting an increase from earlier projections. This surge in imports is attributed to the limited volume of local rice harvests.
Despite the increase in imports, the Philippines remains the top importer of rice in the international market, according to the USDA's World Markets and Trade report.
Last year, the Philippines imported 3.6 million MT of rice, down slightly from the record-high imports recorded in 2022.
The surge in rice imports underscores the importance of international trade partnerships in meeting the Philippines' food security needs and ensuring a stable supply of staple commodities.
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