5-Rice Imports down by 43% as of September 21 Amid Supply Challenges

1. Rice Imports down by 43% as of September 21 Amid Supply Challenges Rice Imports down by 43% as of September 21 Amid Supply Challenges Reports from the Bureau of Plant Industry (BPI) revealed that the Philippines rice imports lowered as of the third week of September compared to a month earlier. As of September 21st, a total of 178,164.12 metric tons of rice have been imported which is around 43% lower than the inbound supply of August. In August, the country’s rice imports touched the figure of 312,642.17 metric tons. There has been a decline of 32.17% in September’s rice imports in comparison to the previous year. In September 2022, around 262,701.24 metric tons of rice were imported. The country’s rice imports peaked in April at 513,425.17 metric tons. This year’s rice imports from the Philippines are also lowered by 17.94% in comparison to the previous year’s imports. Last year, from January to September the Philippines imported around 3.03 million metric tons of rice. Major Rice Exporters to The Philippines Major Rice Exporters to The Philippines Vietnam is the major rice exporter for the Philippines, exporting around 2.23 million metric tons of rice that is around 89.23% of the total imports. Thailand is the second largest rice exporter for the Philippines with 116,106.17 metric tons of rice exports. Myanmar and Pakistan are also major rice exporters for the Philippines.The rest of the 18,064 metric tons of rice was imported from India, Cambodia, China, Japan, Italy and Spain. The chief economist of Rizal Commercial Banking Corp. Mr. Micheal Ricafort said, "The government, as a matter of policy, would like to prioritize the purchase of local palay from local farmers to prevent rice imports from bringing down the farmgate price paid to farmers that reduces the latter's income."

2. Interpretation Interpretation To sum it up, the rice imports of the Philippines are declining as the global rice prices are on a surge with a crunch in the supply of rice. As of September 21st, the rice imports of the Philippines declined by 43% compared to August. Tradologie.com offers the best platform for your needs if you're a rice importer looking to buy rice in bulk or a rice exporter looking to export rice in bulk. With the help of Tradologie.com, bulk rice trade is possible for all types. Tradologie.com platform makes it possible for customers to purchase rice, wheat, and spices, among other high-quality agricultural products, at flexible prices. Tradologie.com is a digital platform that connects buyers and sellers of bulk agro commodities across the globe. With the use of technology, Tradologie.com ensures seamless transactions between agro- exporters and importers. With 70,000+ verified suppliers from more than 150 countries and 600,000+ verified buyers worldwide, Tradologie.com is expanding quickly. If you want to register as a buyer, click here, If you want to register as a seller, click here. To stay updated about the latest developments in the agro-trading sector, follow Tradologie.com on all social media platforms.