PH replaces China as world’s top rice importer
MANILA, Philippines — The Philippines has replaced China as the world’s top rice importer, a report from the United States Department of Agriculture (USDA) said.
According to the 2023 Grain: World Markets and Trade report, the Philippines will import 3.8 million metric tons (MT) of rice for trade year 2023 to 2024, while previous top importer China will only import around 3.5 MT.
The report also said that since 2008, the Philippines bought larger volumes of rice as price escalated, and this year, it is waiting for prices to decrease.
In a statement from Department Agriculture Undersecretary Leocadio Sebastian, the Philippines will import less than what was projected by the USDA.
“We expect to import much less than USDA’s 3.8 million MT projected rice import in 2023. This indicates that the volume we imported in 2022 was much more than the deficit. We also expect that with the intensified efforts to produce more rice locally, we will import less than the projected 3.8M MT in 2024,” Sebastian said.
Recently, President Ferdinand “Bongbong” Marcos Jr. approved a price cap on rice to answer for the rising prices of the commodity.
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