Philippines imports 76,000+ tonnes of Myanmar rice by 3 Oct
Myanmar has exported more than 76,000 tonnes of rice to the Philippines as of 3 October 2024, the current financial year beginning 1 April, according to Myanmar’s economic attaché in Manila, the Philippines.
The Philippines’ rice import reached 3.29 million tonnes as of 3 October 2024, according to the Bureau of Plant and Industry. The top importing countries are Vietnam, which has 2.6 million tonnes; Thailand, which has 410,000 tonnes; Pakistan, which has over 150,000 tonnes; and Myanmar, which has 76,971 tonnes. The Philippines also imports rice from India, China, Japan, Cambodia, Italy, and Spain.
The El Nino and La Nina weather conditions, floods and typhoons also affected paddy output in the Philippines, causing the Philippines to remain the world’s largest rice importer, an economic attache reported, citing news sources released in the Philippines.
The US Department of Agriculture (USDA) forecasts that paddy output in the Philippines is likely to drop, and the country is expected to bring in 4.9 million tonnes. About 12.3 million tonnes of well-milled paddy are forecast to be produced in 2025.
The Philippines’ Agriculture Ministry guessed 20.1 million metric tonnes of paddy yield in 2024. Yet, the yield is down by 11.4 per cent (3.36 million metric tonnes) in the third quarter this year compared with the production target, the Philippine Statistic Authority.
El Nino weather ended by June, and there is 71 per cent that La Nina is likely to develop in September-November, according to the Philippines’ Meteorological and Hydrological Services Agency. Devastating typhoons also impacted paddy yield. The Filipino president reduced the tax on rice imports to 15 per cent from 35 per cent as per notification 62 released in June.
The Philippines imports rice for 20 per cent to meet growing domestic consumption. The Agriculture Department of the Philippines announced that rice prices would decline in mid-October after notification 62 regarding tariff cuts on rice imports was effective. India’s changes in rice import policy will impact Asian and African markets. Consequently, USDA forecasts rice prices will increase in global demand. — NN/KK
