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Friday, March 29, 2024

PHL rice imports contracted by 11.8% in January-May–report

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THE country’s rice imports in January to May declined by 11.8 percent to 1.026 million metric tons from 1.163 MMT last year, latest Bureau of Plant Industry (BPI) data showed.

BPI data obtained and analyzed by the BusinessMirror showed that the volume of rice imports during the 5-month period was 137,141.602 MT lower than the previous year’s volume.

Vietnam remained as the country’s top import source as it accounted for 91 percent of the total volume.

However, rice imports from Vietnam during the January-to-May period declined by 3.2 percent to 937,309.55 MT from 968,329.885 MT recorded a year ago.

BPI data also showed that rice imports from Myanmar declined by 44.4 percent to 35,897 MT from 64,569.105 MT.

Rice imports from Thailand expanded by 49.14 percent to 73,359.83 MT from last year’s 49,187.98 MT.

BPI data showed that as of June 4, NAN STU Agri Traders topped the list of importers with a total volume arrival of 57,060 MT followed by Macman Rice and Corn Trading at 55,000 MT.

Data from the attached agency of the Department of Agriculture also indicated that the volume of rice covered by sanitary and phytosanitary clearances (SPS-ICs) sought by traders and importers was lower compared to the previous year’s figure. SPS-IC applications for rice during the period covered 1.937 MMT, which was 37.8 percent lower than the 3.115 MMT recorded last year.

Monetary Board member V. Bruce J. Tolentino told the BusinessMirror that higher domestic rice harvests, as well as higher international rice prices may be behind the decline in imports.

Tolentino also said international rice prices have moved up “due to deliberate efforts by both Thailand and especially Vietnam to dominate the market for high quality and high priced aromatic rice.”

“Myanmar is having problems meeting its supply contracts due to domestic unrest. But the increases have been moderated by the growing role of India in the global rice market.”

Federation of Free Farmers Inc. National Manager Raul Q. Montemayor said traders may have reduced their rice purchases as their margins have been cut due to the hike in world market prices.

Montemayor also said rice wholesale prices are now being influenced by domestic production, thus making importers think twice about buying rice from abroad.

“They are really looking at the prices. If they will not earn much from the landed cost then they will reduce [import] volume,” he told the BusinessMirror.

Data from the United Nations’ Food and Agriculture Organization (FAO) showed that the average quotation for Vietnam’s 5-percent broken rice and 25-percent broken rice reached $507.4 per MT and $484.6 per MT, respectively. The figures were 36.9 percent and 38.3 percent higher than their respective quotations in the previous year.

Also, Thai rice quotations went up by 17 percent to $529.6 per MT (25 percent broken) and by 16.6 percent to $561.2 per MT for the 100 percent broken variety.

Read full article on BusinessMirror

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