Lower rice imports expected

The Philippines is expected to see a decline in rice imports in the upcoming marketing year due to a projected increase in rice production, according to the United States Department of Agriculture (USDA).

- By DEXTER BARRO II

In a report dated March 28, the USDA’s Foreign Agricultural Service (FAS) in Manila estimates rice imports to decline by 1.9 percent from 5.3 million metric tons (MT) to 5.2 million MT within the period starting July and ending in June next year.

This is driven by higher stock carryover from the previous marketing year, the recent imposition of the maximum suggested retail price (MSRP) on imported rice, and the forecast increase in local production.

But even with the USDA’s lowered rice import forecast, the Philippines is poised to remain the world’s largest rice importer for three consecutive marketing years, since the 2022 to 2023 marketing year, during which the country purchased 3.9 million MT of the Filipino staple food abroad, dislodging China from the top position.