The Philippines was named the world's top rice importer for the marketing year 2022-2023, according to the latest report of the United States Department of Agriculture (USDA).
Based on the USDA's "Grain: World Markets and Trade" report, the Philippines overtakes China as it approves around 3,900 metric tons (MT) of rice from January 2022 to December 2023.
China was hailed as the consistent top rice importer since 2019, imported 3,500 MT during the same period.
"Top importer the Philippines continuously bought larger volumes as prices escalated; this year, it is
delaying purchases, awaiting lower prices. In the past week, prices started to decline from their peaks," the report read.
Meanwhile, the Philippines is anticipated to modestly reduce its imports by 100 MT from January 2023 to August 2024, while China is anticipated to raise its imports by 500 MT, reclaiming the position of the world's top rice importer.
In terms of milled rice production, the Philippines lags behind at 12,631 MT behind China's 145,946 MT and India's 136,000 MT production for the year 2022-2023.
Global rice prices have reached their highest in 15 years after the latest export ban policy in India.
Thailand and Vietnam are the top two sources of imported rice in the Philippines in 2023.
