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Rice imports decline by 36% in June
The Philippine Star
|July 06, 2024
Rice imports declined by nearly 36 percent in June from a year ago as traders and importers canceled or delayed their orders abroad in anticipation of the implementation of lower rice tariffs, an industry group said.
Bureau of Customs (BOC) data showed that rice imports in June fell by 35.7 percent to 154,644 metric tons from 240,521 MT in the same period last year.
“Importers canceled orders or withheld new purchases in anticipation of the decrease in tariffs to 15 percent,” Federation of Free Farmers (FFF) national manager Raul Montemayor said yesterday.
Montemayor said rice imports from January to May have been up by at least 30 percent, indicating the strong appetite of traders and importers to bring in foreign stocks despite tariffs remaining at 35 percent and elevated global rice prices.
On average, the FFF estimated that the country imported about 431,000 MT of rice during the fivemonth period.
This story is from the July 06, 2024 edition of The Philippine Star.
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