PHL rice imports seen touching new record despite high prices

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PHL rice imports seen touching new record despite high prices - Business Mirror

Quick Summary:

The country’s rice imports will reach a new record this year despite the spike in international quotations, according to a report published by the United States Department of Agriculture (DA).

It also noted that the Philippines imported some 2.3 MMT of rice in the first five months of the year.“Vietnam, the largest supplier historically, has exported 1.8 million tons during this period.

The agency had adjusted upwards its rice imports forecast for the Philippines this year from the initial 4.6 MMT.“Total imports are estimated higher on increases for Malaysia, the Philippines, and Cameroon,” the USDA report read.