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Manila Bulletin devider Business devider USDA: Philippine rice imports set to grow after tariff cuts

USDA: Philippine rice imports set to grow after tariff cuts

Published Jun 17, 2024 06:17 am

The Philippines is poised to retain its position as the leading global rice importer this year and the next, according to the latest forecasts from the United States Department of Agriculture (USDA). 

The USDA now expects that the country’s rice imports will reach up to 4.6 million metric tons this year, with a further rise to 4.7 million metric tons in 2025.

These figures represent an upward revision from the USDA's earlier estimates in May, which had pegged imports at 4.1 million metric tons for this year and 4.2 million metric tons for 2025.

The surge in rice consumption is primarily attributed to reduced tariffs on the commodity, according to the USDA. 

READ: Balisacan: 15% rice tariff based on extensive consultations

Data from the Bureau of Plant Industry revealed that as of June 6, rice imports totaling 2.17 million metric tons had already been recorded, with the majority (1.59 million metric tons, or 73 percent of the total) originating from Vietnam.

Government projections suggest that the retail price of imported rice is expected to see a decrease of P6 to P7 per kilogram starting in August, following the implementation of reduced tariffs on the staple.

Shipments of rice with reduced tariffs are scheduled to arrive in the country in July.

Forecasts for the retail prices of imported rice are based on estimates provided by the Philippine Statistics Authority (PSA).

Monitoring conducted by the Department of Agriculture in public markets in Metro Manila indicated that well-milled rice is currently priced between P48 and P55 per kilogram, while regular rice ranges from P45 to P52 per kilogram.

Imported well-milled rice is priced between P52 and P55 per kilogram, while imported regular rice falls within the range of P48 to P51 per kilogram. 

Special variety imported rice is sold for P57 to P65 per kilogram, and premium imported rice is priced at P50 to P62 per kilogram. 

In comparison, domestically grown rice is available at P56 to P65 per kilogram for the special variety and P50 to P58 per kilogram for the premium variety.

Related Tags

Rice importation United States Department of Agriculture
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