In 5 months, the Philippines imported 1.5 million tons of rice from Vietnam, accounting for nearly 90% of the country's imports.
This is the data just released by the Philippine Statistics Authority. Vietnam was the country's largest rice supplier in the first 5 months of this year.
According to the Asia - Africa Market Department, in the first 5 months, Vietnam exported 3.6 million tons of rice to the world , of which the amount of rice exported to the Philippines reached 1.5 million tons, reaching 772.4 million USD, accounting for 42.3% of the market share, up 31.1% over the same period in 2022. This is also a record level of rice export from Vietnam to the Philippines so far.
According to the Philippine Statistics Authority, the country's rice imports in the first five months of the year increased by nearly 7.7% compared to the same period in 2022. In addition to the increased demand for imports, El Nino pushed up world rice prices as many countries began to stockpile food. This is also the reason why Vietnam's rice exports to the Philippines increased in both volume and value.
It is forecasted that in the last 6 months of the year, rice exports to this country will continue to increase due to the impact of climate change, and the return of El Nino, which could seriously affect the domestic food production of the Philippines.
To take advantage of export opportunities to this market, according to the Asia-Africa Market Department, businesses need to continue to closely follow market developments and the Philippines' policies related to rice trade. In addition, businesses need to actively coordinate with government agencies, ministries, branches, and associations to promptly remove difficulties and obstacles arising in trading activities.
Globally, market research firm Fitch Solutions predicts that the global rice market will fall into its most severe shortage in the past 20 years in 2023. It predicts that the global rice market will have a deficit of 8.7 million tons in the 2022-2023 crop year, the highest level since the 2003-2004 crop year, when the deficit was 18.6 million tons.
According to the US Department of Agriculture (USDA), the world supply of key agricultural products such as coffee, rice, and seafood is stagnant and at risk of plummeting as "EL Nino has appeared". Therefore, the prices of these products will increase and the demand for reserves will be increased by many countries.
Vietnamese agricultural experts believe that in the short term, rice prices will remain good due to global economic and political instability, which will increase the need for food reserves.
In addition to the Philippines, Indonesia and many countries in Asia are also increasing their purchases of Vietnamese rice due to reduced supply caused by climate change.
Indonesia will import 2 million tons of rice this year, causing the export price of 5% broken rice to continuously increase. The Indonesian government previously decided to import 2 million tons of rice for stockpiling this year, of which 500,000 tons will be implemented as soon as possible.
Thi Ha
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