The USDA projects Philippine rice imports to reach 3.8 million metric tons for marketing year 2023-2024
MANILA, Philippines – The Philippines has overtaken China as the world’s top importer of rice, according to aIn its report “Grain: World Markets and Trade” released on Tuesday, September 12, USDA projected that the Philippines will hit 3.8 million metric tons of rice imports for marketing year 2023-2024, as opposed to China’s decreased projection of 3.5 million MT. The USA also projected a lower global rice production until 2024.
Global rice prices increased due to stronger demand and lower production, the report said, even before India announced its export ban in July. India accounts for around 40% of the world trade, sending shockwaves across the globe when it imposed the ban. The Philippines was primarily affected and is now seeking to augment supplies through Vietnam. Both governments are set to sign a
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