The United States’ Department of Agriculture (USDA) predicts that the Philippines will remain as the world’s top importer of rice this year.
This is due to the rate of increase in the local prices of the commodity, raising it to a 14-year high in the past month.
According to the USDA’s Economic Research Service, it showed that the the Philippines is currently estimated to import 3.8 million metric tons (MT) of rice this year.
They said that the data is from the Bureau of Plant Industry (BPI), who noted that 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 of the USDA said.
Meanwhile, the USDA took note of the Philippines’ importation of rice so far this year of 56,090.63 MT as of January 11, which comes mainly from Vietnam, the top source of rice imports.
Likewise, the USDA report said that the Philippines — with a population of 112 million — is expected to overtake China as it is expected to import 2.8 million MT of rice this year.
This is expected to cater to the 1.409 billion population.
Aside from the two countries, they are followed by Indonesia (2.5 million MT), the European Union (2.4 million MT), Nigeria (2.1 million MT), and Iraq (2.0 million MT).
“On an annual basis, Brazil, Egypt, Ghana, Indonesia, Kenya, Mozambique, North Korea, Singapore, Tanzania, Togo, and Vietnam account for the bulk of the projected decline in global rice imports in 2024,” the report read.
Agriculture Secretary Francisco Tiu Laurel Jr. earlier this month said that the country has to invest some P1.2 trillion in the rice sector for the next three years.
