Rise In Philippines Rice Imports Amid Vietnam Rice Cuts

 

philippines rice import amid vietnam

Recently, Vietnam has curbed rice exports to the Philippines. This will result in high volumes of rice imports by the Philippines as Vietnam was the major exporter of rice to the Philippines in 2022. This is mainly due to bad rice harvests in Vietnam amid drought and adverse climatic conditions.

As per the Philippines customs data, total rice imports in 2022 were around 3.5 million metric tons as compared to 2.4 million metric tons in 2021. The majority of the country’s imports were from Vietnam followed by Thailand and China. Vietnam contributes to 90% of total Philippines rice imports.


Vietnam Rice cuts will result in Philippines rice imports from Thailand. Thailand is the second largest exporter in the world. As per experts, Thailand could export up to 7 million metric tons of rice in 2023. The Philippines could seize this opportunity to meet its domestic market requirements.


Philippines Rice Imports 2021-22

As per the Philippines import data, Philippines rice imports were around 1.1 billion US Dollars in 2021. This was around 30% more as compared to 1.2 billion US Dollars in 2020. Vietnam was the top rice exporter to the Philippines with exports worth 954 million US Dollars. These include various rice categories such as Semi-milled rice, broken rice, and brown rice.

Philippines imports by country suggests that Vietnam (954 million US Dollars), Myanmar (63 million US Dollars), Thailand (53 million US Dollars), China (48 million US Dollars), India (41 million US Dollars), Pakistan (10 million US Dollars), Singapore (2.5 million US Dollars), Cambodia (1.25 million US Dollars) were the major rice exporting countries to the Philippines.


Philippines Rice Exports 2021-22


According to the Philippines export data, Philippines rice exports were around 602 thousand US Dollars in 2021. Philippines rice exports rose by 15% in 2021 as it was around 550 thousand US Dollars in 2020.


For the fiscal year 2021, Philippines major rice importing countries were UAE (158 thousand US Dollars), Bangladesh (114 thousand US Dollars), Qatar (96 thousand US Dollars), Kuwait (72 thousand US Dollars), Saudi Arabia (70 thousand US Dollars), the United States (38 thousand US Dollars) and Bahrain (21 thousand US Dollars).


Philippines Import Export Analysis 2021-22


As per the first quarter reports of Philippines import export data, Philippines total imports were around 56 billion US Dollars while exports recorded to be 31 billion US Dollars. Philippines exports rose by 8% as compared to the previous year.


Mineral Fuels & Oils (137%), Cereals (55%), Transportation equipment (44%), Machinery (21%), Electronic Products (10%), Medicaments (6%), Broadcasting Equipments (5.5%) and Iron, Steel (5%) were some of Philippines top exports with increase in export share. The major countries by trade are China, South Korea, Japan, Indonesia and the United States of America.


As per the trade experts, the Philippines could become a 125 billion US Dollars economy by 2025 with 8% growth rate. While the imports and exports are projected to be around 2,05,00,000 thousand US Dollars by 2025.


Find updates on the latest trends, risk, competitors and companies with Exim GTIS


Exim Trade is the leading global import export data provider company offering 200+ countries import export data reports through its Exim GTIS. Exim Global Trade Intelligence is developed for businesses to assist them in market research.


It is a very handy tool that helps companies find country wise imports, exports by hs code, price, quantity, importer, exporter and port details. With these useful statistics, you could scale your business in the Philippines Market. 


You can analyze your product demand and production quantity through our Philippines shipment data records. This keeps you ahead of your competitors and brings the best out of your business. Exim GTIS is the most cost effective way to increase your sales and revenue.

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