Vietnam remains biggest rice provider of Philippines
Vietnam remained the biggest rice provider of the Philippines in the first five months of this year with turnover of 772.4 USD million, surging 31.1% year-on-year.
During January-May, the Philippines imported 1.5 million tonnes of rice from Vietnam, accounting for nearly 90% of its total imported rice, according to the Asia-Africa Market Department under the Ministry of Industry and Trade, citing data from the Philippine Bureau of Statistics.
This was also the record level of Vietnam’s rice exports to the Philippines so far.
In the first five months, Vietnam exported 3.6 million tonnes of rice, with the Philippines accounting for 42.3% of the total.
In the last six months of the year, rice exports to the Philippines are forecast to continue to increase due to the impact of climate change and El Nino phenomenon that could severely affect domestic food production in the country of 113 million people.
According to the department, for the remaining months of 2023 and 2024, it is expected that the Philippines’ rice consumption and import demand will continue to increase. Therefore, to take advantage of the opportunity to increase exports to this market, businesses need to closely follow market developments and policies on rice trade.
Besides, businesses should actively coordinate with relevant Government agencies, ministries, branches and associations to promptly remove difficulties and obstacles arising in trade activities and participate in activities to promote exports to the Philippines./. VNA