MANILA — The Philippines is predicted to extend its rice imports this yr and subsequent following the federal government’s transfer to cut back tariffs by 15 p.c till 2028, thus retaining its standing because the main rice importer on this planet.
In a report, the US Division of Agriculture’s (USDA) International Agricultural Service estimated that the nation’s rice imports would attain 4.6 million metric tons (MT) in 2024.
That might be greater by about 27 p.c than the three.6 million MT of imported rice in 2023.
Thus far, the nation has procured 2.17 million MT of imported rice as of June 6, principally from Vietnam.
China was the most important importer in 2021 and 2022, with the Philippines rating second. The next yr, nonetheless, the Philippines took excessive spot.
READ: PH inks 5-year rice importation take care of Vietnam
With the USDA’s projection, the nation will retain the highest spot, adopted by Indonesia with 3.5 million MT.
The overseas company additionally estimated the nation’s rice imports in 2025 to achieve 4.7 million MT, which meant the Philippines would possible retain the highest spot for 3 consecutive years, based mostly on USDA projections. Vietnam could be a distant second with 2.95 million MT.
Rising rice consumption
Apart from decrease tariffs, the upward revision within the USDA’s forecast is attributed to an anticipated improve in rice consumption.
READ: Marcos approves lower in rice tariff to fifteen%
Earlier, the Nationwide Financial and Growth Authority board led by President Marcos mentioned the tariff for rice imports could be slashed to fifteen p.c from 35 p.c. This was included within the modified Complete Tariff Program overlaying the years 2024 to 2028 geared toward holding costs of main meals merchandise inexpensive for shoppers.
The President, nonetheless, has but to problem a fiat on the brand new tariff construction, which additionally covers different agricultural objects corresponding to meat.
The USDA mentioned world rice manufacturing would barely improve this yr amid an even bigger harvest from India. Worldwide rice shares have been anticipated to develop, “totally on will increase for the Philippines and Kenya.”
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“Whole imports are estimated greater on will increase for the Philippines, Kenya, and Iraq. Exports are up, pushed by India, Vietnam, Pakistan, and Thailand,” the USDA famous.
