THE Philippines will continue to be the world's leading rice importer with inbound shipments likely to hit 4.7 million metric tons (MT) this year, the United States Department of Agriculture (USDA) said.
The latest forecast is 20 percent higher than the 3.9 million MT imported in 2023. It also highlights the growing demand for rice in the Philippines, driven by population growth and consumption patterns.
According to the US agency's June report, global imports are projected to rise to 53.8 million MT due to increases in the Philippines, Kenya and Iraq.
"Imports and global consumption are forecast higher primarily on increases for the Philippines and Kenya," it said.
Global rice consumption is projected to hit 526.43 million MT this year. In the Philippines, demand for the grain was pegged at 17.4 million MT, up from the previous forecast of 17.1 million MT.
India and the Philippines are expected to drive a rise in global stocks, offsetting declines for Pakistan and Vietnam.
Major rice exporters such as Vietnam and Thailand are expected to benefit from this increased demand.
Data from the Bureau of Plant Industry showed that as of May, Vietnam remained the country's top source of rice, having accounted for 1.52 million MT, or 72.9 percent of the total 2.08 million MT of imports for the five-month period.
The projected increase in imports comes amid efforts by the Philippine government to stabilize domestic rice prices and ensure food security.
Earlier this month, the National Economic Development Authority lashed duties on imported rice to 15 percent from 35 percent to drive down retail prices.
India, meanwhile, is expected to remain the top exporter of rice globally at 18 million MT or about 33.4 percent of the world's total export volume.
The USDA also estimated global production of the commodity to hit 527.62 million MT, slightly higher than the previous forecast of 527.60 million MT. The agency attributed this to India's larger crop.
Projection for the Philippines' rice production this year remained at 12.7 million MT.