Philippines continues to be the world's largest rice importer

The Philippines is expected to import more rice this year and in 2015, retaining its position as the world's top rice importer, as El Nino, La Nina and recent typhoons have reduced domestic output.

In its latest report titled "Grains: World Markets and Trade," the US Department of Agriculture's (USDA) Foreign Agricultural Service estimated that the Philippines' rice imports will reach 4.7 million tons in 2024, up 2.2% from its previous estimate of 4.6 million tons, with the Southeast Asian country "buying heavily from Vietnam."

Philippines' rice imports are expected to continue to increase to 4.9 million tons in 2025 due to "declining productivity" on local farms.

The USDA's latest forecast is in line with estimates that global rice imports will increase this year, driven by increased demand from Malaysia and Nepal.

The report predicts a strong increase in global imports next year, supported by higher demand trends from some markets such as Africa and Asia, although India's return to the market is expected to boost global supplies and push prices down.

“Global rice production is expected to improve on the back of India’s re-entry into the market, offsetting a decline in the Philippines,” the report estimated. According to the USDA, Philippine rice production will reach 12.7 million tons in 2024 before falling to 12.3 million tons the following year.

An earlier USDA report forecast a decline in Philippine rice production due to crop damage from successive typhoons and reduced harvest area due to land conversion. As of October 3, rice imports into the Philippines had reached 3.29 million tons, according to the Bureau of Crops.

As of October 3, Vietnam was the top rice supplier (2.61 million tonnes), followed by Thailand (416,185.19 tonnes) and Pakistan (157,564.48 tonnes). India exported 76,971 tonnes of the grain.