The Philippines will remain the world's largest rice importer in 2024

Rice

Philippines

Market & Price Trends

Published Jan 25, 2024

Tridge summary

The Philippines is set to become the world's largest rice importer in 2024, with projected imports of 3.8 million metric tons, according to the USDA Economic Research Service. This is despite a global decrease in rice trade, with the increase in Philippine imports attributed to expected lower prices. As of January 11, 2024, the country has already imported over 56,000 metric tons, mainly from Vietnam. The Philippine Department of Agriculture also plans to import nearly 500,000 metric tons of rice by February to mitigate the effects of the El Niño-induced drought. A 35% tariff duty will be applied to all rice imports until the end of 2024.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

The Philippines is expected to import a record 3.8 million metric tons of rice this year, analysts say. This is reported by the USDA Economic Research Service, indicating that the Philippines is ahead of major importers such as China, Indonesia, the European Union, Nigeria and Iraq in terms of rice purchases. Despite a slight decline in global rice trade to 52.2 million metric tons from last year's 52.4 million metric tons, the Philippines is likely to increase its rice imports, banking on lower prices expected this year, US analysts said. At the same time, countries such as Brazil, Egypt, Ghana, Indonesia, Kenya, Mozambique, North Korea, Singapore, Tanzania, Togo and Vietnam will buy less rice, and, conversely, Asian countries including China, South Korea, Malaysia and the Philippines will increase purchases of rice, the USDA report says. Increased demand for rice is expected in countries that include Afghanistan, Angola, Bangladesh, Democratic Republic of Congo, Cuba, Ethiopia, ...

Source: Agroxxi