The Philippines has strengthened its rice import strategy, reaching a total of 2.57 million metric tons (MMT) as of August 8, according to the Bureau of Plant Industry. This increase underscores the country’s proactive approach to ensuring a stable rice supply, with 61,460 metric tons imported in just the first eight days of August.
Vietnam leads as the primary supplier, contributing 75.88% of the total imports, equivalent to 1.95 MMT this year. Thailand and Pakistan also play significant roles, providing 360,444 metric tons (14%) and 154,523 metric tons (6.3%) respectively. Myanmar and India complete the top five, further diversifying the Philippines’ rice import sources.
The U.S. Department of Agriculture recently adjusted its forecast for the Philippines' rice imports to 4.6 MMT, reflecting a more measured pace of purchasing from Vietnam. Despite this, the reduction in tariffs, as outlined in Executive Order No. 62, from 35% to 15%, is expected to encourage even more imports, supporting the country's trade balance and ensuring affordable rice prices for consumers.
Agriculture Secretary Francisco P. Tiu Laurel, Jr. affirmed the Department of Agriculture’s projection of 4 MMT in rice imports for 2024. This strategy is bolstered by direct collaborations with key rice-exporting countries, ensuring quality and timely deliveries. The move also aligns with efforts to stabilize the domestic market following a 5.5% decrease in local palay production in the first half of the year.
#ITCNewsUpdates #BreakingNews #TradeSuccess #AgricultureGrowth #PhilippinesTrade #RiceImports
