Shipments of milled rice bound for the Philippines might exceed 5 million metric tons (MT) per year until 2025 as a recent string of storms slashed local production, according to the United States Department of Agriculture (USDA).
In a report, the USDA jacked up its projection on the country’s rice imports due to a “smaller crop,” now estimated at 5.3 million MT for 2024 and 5.4 million MT for 2025.
This was higher than the foreign agency’s previous forecast of 5 million MT this year and 5.1 million MT in 2025.
If the projections are met, the yearly volume of inbound cargos of the staple grain will surpass the record-high 3.83 million MT that was reached in 2022.
The USDA revised upward its projections on rice imports as it pegged the domestic milled production at 12 million MT this year, lower than the previously projected 12.3 million MT.
The Philippines became the world’s biggest rice importer in 2023 and will remain so until at least 2025, having overtaken China which held the top spot in 2021 and 2022, based on the American agency’s monitoring.
In an earlier report released last month, the USDA noted that the Philippines is importing “record amounts” of rice as demand picks up alongside reduced import duties.
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