RICE IMPORTS UP IN JANUARY

THE Philippines recorded higher rice imports during the first month of 2024, data from the Department of Agriculture’s Bureau of Plant Industry (DA-BPI) showed.

As of January 25, inbound shipments of the staple totaled 268,006 metric tons (MT), higher by 6.15 percent from the 252,474 MT recorded in the same month last year.

However, the latest import volume was lower by 47.53 percent from the 510,865.87 MT logged in December 2023.

Since the year started, the bureau has released 373 sanitary and phytosanitary import clearances to accredited importers for the inward shipment of the staple.

Vietnam is still the country’s top source of rice, having shipped 152,875 MT of the staple, or 57.04 percent of total imports.

Thailand followed with 78,597.03 MT, while Pakistan delivered 24,462.50 MT. About 11,180 MT of rice, meanwhile, came from Myanmar.

The DA announced last week a five-year rice trade agreement was signed between the Philippines and Vietnam. Under the agreement, Vietnam committed to supply the Philippines with 1.5 to 2 million MT of white rice annually.

In 2023, inbound shipments of the staple totaled 3.6 million MT, down 5.9 percent from the recordhigh 3.82 million MT logged in 2022.

Rizal Commercial Banking Corp. chief economist Michael Ricafort attributed the increase in rice imports to preparation for the impact of the El Niño weather disturbance.

“There is a need to increase local rice supplies, partly through rice importation, especially to prepare and timed during the lean season, in an effort to bring down prices and overall inflation, as part of nonmonetary measures by local authorities,” he said.

The weather disturbance is expected to affect 275,000 hectares of rice fields, the Agriculture department earlier said. This area is equivalent to an estimated yield of 1.1 million MT of palay (unmilled rice) or rice stocks good for 20 days.