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Phl to import more rice - USDA
The Philippine Star
|February 10, 2024
The United States Department of Agriculture (USDA) hiked its rice import forecast for the Philippines to 3.9 million metric tons this year, driven by bigger purchases from Vietnam.
The USDA's latest projection is 100,000 MT higher than its 3.8 million MT rice import forecast for the country last month.
The USDA explained that it revised upward its full-year rice import estimate for the Philippines because of the country's "strong recent purchases from Vietnam."
"Total (global rice) imports are forecast virtually unchanged as an increase for Indonesia and the Philippines offset a decrease for China," the USDA said in its world grain market report released yesterday.
With the latest estimate, the USDA sees the Philippines becoming the world's largest rice importer for the second consecutive year.
Global rice imports this year are estimated at 53.383 million MT versus the 52.163 million MT last year, based on USDA data.
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