Rice imports hit record high in 2024

Total rice imports last year rose to a new all-time high of almost 4.7 million metric tons (MT) as the country turned to foreign supplies to plug its shortfall in domestic stocks and temper retail prices of the staple.

- By JASPER EMMANUEL ARCALAS

The country's rice imports in 2024 reached 4.68 million MT, nearly 30 percent higher than the 3.61 million MT recorded in 2023, based on Bureau of Plant Industry (BPI) data.

Vietnam remained as the country's top rice supplier, cornering three-fourths of the total import volume or about 3.56 million MT. It was followed by Thailand at 598,157 MT and Pakistan at 283,517 MT.

The country also imported rice stocks from the following countries: Myanmar, India, China, Japan, Cambodia, Taiwan, Italy and Spain.

Government officials earlier attributed the increase in rice imports to the need to beef up domestic supplies amid the extreme weather conditions faced by farms in the first half of last year.

The lowering of rice tariffs to 15 percent from 35 percent, as ordered by President Marcos through Executive Order 62, also contributed to the increase in import volume as it encouraged private entities to purchase more abroad.