Philippine rice imports drop 35% in first two months

The Philippines experienced a significant decrease of nearly 35 percent in rice imports during the first two months of the year, with volumes falling to just over 500,000 metric tons.

This drop represents a reduction of at least 266,000 metric tons compared to the same period last year, according to data from the Bureau of Plant Industry (BPI).

Vietnam remained the primary source of imported rice, supplying 73.5 percent of the total volume.

Pakistan has displaced Thailand as the second-largest rice exporter to the country with 12 percent, while Thailand's share stood at 10 percent.

Industry sources attribute the decline to substantial carry-over stocks from the previous year, when private entities imported a record-high volume of rice.

Additionally, some importers canceled contracts due to a sharp decline in Vietnamese rice prices, influenced by an upcoming harvest and ample global supply, particularly with India re-entering the market.

The country's rice imports are expected to decline this year but remain large enough to drive down the selling prices of local rice farmers despite the continuing shortfall in domestic production.

In 2024, the Philippines imported about 4.8 million metric tons (MT) of rice.