Philippines to remain world top rice importer in 2024

Published 2024년 1월 21일

Tridge summary

The Philippines is projected to remain the top global importer of rice in 2024, with an estimated import of 3.8 million tons, mainly from Vietnam. This is due to the country's high rice inflation, which reached a 14-year high of 19.6% in December 2023. As a result, the Department of Agriculture is considering investing at least P1.2 trillion in the rice sector over the next three years, particularly for irrigation and the construction of larger post-harvest facilities.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The Philippines is projected to remain the world’s top importer of rice this year based on a report made by the United States’ Department of Agriculture (USDA), as the rate of increase in local prices of the commodity rose to a 14-year high in the past month. A report by the USDA’s Economic Research Service showed that the country is currently estimated to import 3.8 million metric tons (MT) of rice this year, after the Bureau of Plant Industry (BPI) said the country took in 3.22 million MT of rice from January 1 to Dec. 22, 2023. “The Philippines is projected to remain the number one global rice importer — taking a record 3.8 million tons — in 2024, followed by China, Indonesia, the European Union, Nigeria, and Iraq,” the report read. The USDA cited the Philippines’ importation of rice so far this year, with 56,090.63 MT as of January 11, coming in mainly from Vietnam, which has continued to be among the top sources of rice imports. Based on the USDA report, the Philippines — ...

Source: Gmanetwork