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Philippines: Rice imports may reach 2.95 million metric tons this year
MANILA, Philippines — Rice imports may reach as much as 2.95 million metric tons (MT) this year, according to he Department of Agriculture (DA).
Based on the DA’s latest rice supply outlook, rice imports may reach 838,000 MT in the fourth quarter of the year, with 356,000 MT forecast to arrive in December.
Rice imports in November and December reached 283,000 MT and 199,000 MT, respectively.
Figures from the DA showed that rice imports hit 2.1 million MT in the three quarters of the year.
A total of 608,000 MT of rice were imported in the first quarter, and 688,000 MT in the second quarter.
In addition, the country imported 816,000 MT of rice in the third quarter.
The United States Department of Agriculture (USDA) earlier forecast Philippine rice imports to hit 2.6 million MT this year, higher than its initial projection of 2.3 million MT.
“This year, a variety of factors explain why imports remain strong, especially in September and October. Pent-up demand and the overdue fulfillment of late shipments from top supplier Vietnam may partly explain higher imports in September and October,” the USDA said.
It said the opening of the economy from previous COVID-19 restrictions also boosts consumer demand.
The USDA also pointed out that tighter supplies from a smaller third-quarter crop increases the need to supplement total supply with additional imports.
Local production of rice is also seen to increase in the last quarter of the year to reach5.25 million MT, mainly due to the harvest season.
Local production reached 2.7 million MT in October, while November production stood at 1.8 million MT.
Production in December is seen to hit lower at 735,000 MT.
Data from the DA showed that local production in the first three quarters reached 8.2 million MT.
For the entire year, local rice production is seen to reach 13.46 million MT.
In contrast, total demand is projected to hit 14.415 million MT.
The ending stock for the year is projected to hit 4.326 million MT, which will last for 124 days.
Source: https://www.philstar.com/business/2021/12/15/2147991/rice-imports-may-reach-295-million-metric-tons-year