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.

Comments

Post a Comment

Popular posts from this blog

Germany, "The leading cheese importer in the world"

Image
  Germany is the world's biggest cheese exporter. Although, during last year, Germany's cheese exports declined by 7% to 36 million pounds. According to Germany import export data reports, Germany's cheese exports were recorded to be $6 billion during the financial year 2023. Italy was the top destination for Germany's cheese exports in 2023 accounting for over $1 billion worth.  Along with Italy, Netherlands and France were other major importers of cheese from Germany for over $750 million and $480 million worth of cheese imports. Among the fastest growing markets for Germany's cheese exports were Austria, Spain, Belgium, Romania, Greece and Poland responsible for significant growth in cheese imports. Gebruder Woerle Ges, Uhrenholt, and Bayernlan were the top cheese export companies from Germany with maximum number of shipments last year. Caseificio Ghidetti from Italy, Lactima from Poland, Quillayes from Chile, and Kosmonte foods from Kosovo were the top cheese i
Read more

Turkey's wire rod exports fell by 55% in 2023

Image
  Turkey is a prominent steel industry. It is the 8th largest importer of steel globally. Whereas, it is ranked 4th leading steel exporter in the world. Steel industry covers over 8.3% share in Turkey’s overall exports.   As per Turkey customs data reports, the country’s overall steel exports were estimated to be around $19.6 billion during 2022. However, it fell by 17% as compared to $23 billion in 2021. The European Union holds the maximum share in Turkey’s steel exports.   In 2022, the EU imported around 5.9 million tonnes of steel from Turkey with over 25% share. After European countries, Turkey exports the majority of its steel to North Africa and Latin American nations. Whereas per Turkey import data , the country’s steel saw a minimal increase of 1.5% as compared to last year. During 2022, Turkey steel imports stood around $18 billion while it was $17 billion in 2021. Turkey's major steel exports commodities includes rebar, angels, sect profiles, wire rod, alloy bars, wires
Read more

India's yarn exports fell by 15% in 2023

Image
  India is a prominent yarn exporter in the global market. India is the second largest yarn exporter in the world after China. According to the India import export data reports, India was responsible for over $7.3 billion worth of yarn exports against the $15 billion exports from China. Bangladesh is the leading importer of Indian yarn followed by Vietnam and Peru.  India’s yarn exports include various commodities like cotton, silk, RMG, apparel accessories. In terms of cotton exports, India has always been an important market. It was a top exporter destination for many years. But during the fiscal year 2022, India has become the 5th biggest cotton exporting country in the world.  As per India export data , India was responsible for over 250 MT of cotton exports in 2022. There was a massive decline in the country's cotton exports. As, the exports are falling to 30% on a yearly basis. During the first six months of 2023, the country's exports were estimated to be $1.3 billion w
Read more