THE Philippines’s rice imports breached 3.4 million metric tons (MMT), surpassing market expectations and posting a fresh record-high volume for the world’s second-largest buyer of the staple.
Latest Bureau of Plant Industry (BPI) data showed the country’s total rice imports from January to November 24 has already reached 3.422 MMT.
The volume was 23.5 percent higher than the 2.771 MMT total rice imported by the Philippines last year, based on BPI data.
The United States Department of Agriculture (USDA) projected that the Philippines would be purchasing 3.4 MMT of rice this year from the world market to boost its domestic supply and temper any possible increase in local prices of the staple.
BPI data showed 145 eligible rice importers and traders used 3,812 sanitary and phytosanitary import clearances to bring in rice products from China, India, Japan, Myanmar, Pakistan, Singapore, Spain, Thailand and Vietnam.
Vietnam remained as the country’s top source of imported rice; the Southeast Asian neighbor accounted for 83.57 percent of total import volume during the reference period. The Philippines imported 2.86 MMT of rice from Vietnam.
It was followed by Myanmar at 215,918.180 MT and Thailand at 167,825.375 MT.
Pakistan led non-Asean countries in terms of rice exports to the Philippines at 157,175.675 MT, followed by India at nearly 10,000 MT. The Philippines imported 9,328.385 MT of rice from China as well, based on BPI data.
BPI data showed that NAN Stu Agri Traders was the largest rice importer from January until November 24 with a total volume of 189,730.35 MT. It was followed by Lucky Buy and Sell at 159,823 MT and Manus Dei Resources Ent. Inc at 154,311.28 MT.
In September, the Department of Agriculture (DA) said the country’s total palay production this year would settle at 19.5 MMT or about 12.754 MMT of rice.
The DA was confident that the production forecast would be achieved despite “global challenges,” such as pricier fuel and fertilizer.
The DA noted that the expected total rice import arrival from January to September would only be at 2.751 MMT.
“While all of the remaining issued import clearances by the Bureau of Plant Industry will only be valid until the third quarter and imports are yet to be estimated on the last quarter of this year, based on historical trend, import arrivals start to decline by fourth quarter in time for the peak harvest from October to November,” it said.
The country’s total palay production from January to September slightly fell to 12.532 MMT from 12.552 MMT recorded volume in the same period of last year, based on Philippine Statistics Authority (PSA) data.
The PSA earlier reported that the Philippines produced only 81.5 percent of its total rice supply last year, lower than the 85 percent rate recorded in 2020, despite a record-high domestic output. The Philippines posted a record palay output of 19.96 MMT last year, based on PSA data. (Related story: https://businessmirror.com.ph/2022/11/18/psa-phl-produced-only-81-5-of-its-total-rice-supply-in-2021/)