PH seen importing more rice in 2024

MANILA  -The Philippines is expected to import more rice next year in step with the projected increase in demand, according to the US Department of Agriculture (USDA).

In a report, the USDA’s Foreign Agricultural Service (FAS) said rising consumption levels in the Philippines may result in an increase in rice importations to 3.8 million metric tons (MT) in 2024.

This will be a 5-percent increase from the projected imports of 3.6 million MT for marketing year 2023 to 2024.

“Global consumption is up with increases for India and the Philippines. Imports are forecast higher, mainly for Kenya and the Philippines. Global stocks are projected higher due to a significant increase in India’s carryover stocks from 2022-2023,” USDA-FAS said in its report.

As of May, the country’s rice imports reached 1.3 million MT, down by 12.7 percent from 1.5 million MT in 2022, data from the Bureau of Plant Industry showed.

READ: PH rice imports hit 1.3M tons as of early May

Vietnam remains the country’s leading source of rice imports, as it supplied 1.2 million MT, or almost 90 percent of the total.

The USDA-FAS also noted that the Philippines remained the largest market for US hard red spring (HRS) wheat in the current marketing year.

It recognized, however, that HRS imports in the country had so far dropped by 22 percent to 1.1 million MT due largely to “weak economic conditions.”

“Philippine imports, overall, have slowed in the past five years on high prices resulting in reduced demand,” USDA-FAS said.

Meanwhile, local rice production from 2023 to 2024 is expected to hit 12.55 million MT as farmers are projected to increase their use of fertilizers because of strong government support, according to the agency.

The Department of Agriculture earlier said that local rice supply would remain stable despite growing concerns over a rice shortage and price increases due to the impending El Niño phenomenon. INQ

READ: Global rice supply at risk as harsh weather hits top exporters in Asia