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| A consumer buys food at a market in Manila, the Philippines. The Philippines is expected to import a record volume of rice in the 2024-25 crop year. — Getty Images/VNA Photo |
HÀ NỘI — Despite record production and ample stocks, the Philippines is expected to import a record volume of rice in the 2024-25 crop year, according to a report from the Foreign Agricultural Service (FAS) of the US Department of Agriculture.
The FAS said the projected import total of 4.7 million tonnes, which matches last year’s record high, is spurred in part by high domestic prices and the government’s recent decision to reduce tariffs from 35 per cent to 15 per cent.
The Philippines is by far the world’s largest rice importer and perennially ranks among the top five in consumption.
The Philippines’ milled rice production is forecast slightly higher than the previous year at 12.7 million tonnes, the report said, as the country emerges from the current El Niño weather pattern and government spending on inputs and machinery offsets a slight drop in yields.
Rice consumption in the country is projected at a record 17.2 million tonnes, with the FAS noting that demand “remains durable despite inflation.”
Its ending stocks are expected to reach a record of 4.2 million tonnes in 2024-25 as the government encourages dealers to maintain buffer stocks. — VNA/VNS
Source: Vietnam News/ Vietnam Insider