Source: congthuong.vn
According to the latest updated report from the US Department of Agriculture (USDA), in 2024, the Philippines can import up to 4.1 million tons of rice, instead of the previous forecast of 3.9 million tons.
With this new forecast, the Philippines’ import level this year is up to 600,000 tons higher than the 2023 rice import volume of 3.5 million tons. If the Philippines imports rice as predicted, this will be a record number for the country (previously in 2022, rice imports reached a record of 3,826 million tons).
Explaining the reason for the increase in rice imports from the Philippines, the USDA said that the country increased imports because the drought affected domestic rice production.
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| Packing rice for export at Trung An High-tech Agriculture Joint Stock Company |
According to Philippine press, in February this year alone, the country’s rice imports reached 303,603 tons, 113.6% higher than the same period last year. Accumulated in the first 2 months of 2024, 728,254 tons of rice were imported, nearly 85% higher than the same period in 2023. Up to 391,000 tons of rice, equivalent to 54% of rice, were imported from Vietnam. Previously, in 2023, Vietnam was also the largest rice supplier for the Philippines, accounting for 80% of the country’s imported rice market share.
It is known that in 2024, to ensure the demand for imported rice, since the beginning of the year the Philippine government has issued 1,009 licenses to rice importers. Besides, late last year the Philippine government signed an agreement with Vietnam. The agreement has a term of 5 years and each year Vietnam will ensure a rice supply of 1.5 – 2 million tons. Besides, India also “promised” to supplement the rice supply for the Philippines despite the ban on non-basmati rice imports.
Besides the Philippines, Vietnam’s second largest rice import customer, Indonesia, also recently announced to increase the amount of rice imported in 2024 by 1.6 million tons and reach a total imported rice output of 3.6 million tons.
Most recently, Indonesia’s National Food Agency (Bapanas) announced a temporary relaxation of the retail price ceiling for high-quality rice. This order is implemented to ensure the supply of high quality rice to consumers during the month of Ramadan.
The sharp increase in rice imports by the Philippines and Indonesia has had a significant impact on the global market. Specifically, update export rice price On March 12, the Vietnam Food Association (VFA) said that the price of Vietnam’s 5% broken rice increased by 5 USD to 584 USD/ton compared to last week. Similarly, the price of Thai rice of the same quality also increased slightly by 3 USD, to 615 USD/ton.
In the domestic market, in recent days rice price Purchased by traders in the Mekong Delta also increased again after previous downward adjustment sessions. Recorded on March 13 showed that the average price of fresh rice purchased in the field was 7,300 – 8,200 VND/kg. Particularly in An Giang, Dai Thom 8 rice fluctuates around 7,800 – 8,200 VND/kg; OM 5451 at 7,600 – 7,700 VND/kg; OM 18 rice at 7,800 – 8,000 VND/kg; OM 380 rice at 7,500 VND/kg; IR 504 rice is at 7,400 – 7,500 VND/kg…
