In 6 months, the Philippines bought nearly 2 million tons of Vietnamese rice.

The Philippines’ demand for imported rice remains high. In the first half of this year, Philippine traders purchased large quantities of Vietnamese rice to meet domestic consumption needs.

Vietnamese rice imports to the Philippines market have increased sharply.

According to Mr. Phung Van Thanh, Commercial Counselor of the Vietnamese Trade Office in the Philippines, rice imports into the Philippines increased sharply in the first half of this year. Statistics from the Bureau of Plant Industry, Philippine Department of Agriculture, show that while total rice imports in the first six months of 2023 reached 1.86 million tons, this figure rose to 2.32 million tons in the first six months of 2024, an increase of 24.7%.

Of the 2.32 million tons of imported rice, 1.72 million tons came from Vietnam. Thus, Vietnam continues to be the largest supplier of imported rice to the Philippines, accounting for 74% of the country’s total rice imports. Although the proportion of Vietnamese rice has decreased compared to 2023, it remains overwhelmingly dominant compared to other suppliers.

Following closely behind Vietnam is Thailand with 352,331 tons, accounting for 15%. Other suppliers such as Pakistan and Myanmar account for a modest share. In addition, the Philippines also imports rice from India, China, Japan, Cambodia, Italy, and Spain, but these sources only hold a very small market share.

Conversely, the Philippines continues to be Vietnam’s largest market for rice. In the first half of this year, rice exports to the Philippines reached nearly 1.94 million tons, worth nearly $1.21 billion, an increase of 14% in volume and 41% in value. The Philippines accounted for 43% of Vietnam’s total rice export volume and 42% of its total export value in the first six months of the year.

This year, rice prices in the Philippine market have remained consistently high. Therefore, the Philippine government has implemented several policies to bring down rice prices, including reducing import duties on rice.

Forecast for the rice market in the Philippines

The Philippines’ significant reduction in rice import tariffs also supports importers in purchasing more rice from the world market. This presents an opportunity for leading rice exporting countries, including Vietnam – the largest rice exporter to the Philippines, accounting for 83% of the Philippines’ total rice imports in 2023.

The Philippines is a major rice consumer and one of the world’s leading rice importers. Over the years, the Philippines’ annual rice imports have consistently been high, reaching a record 3.82 million tons in 2022. In 2023, total rice imports reached 3.6 million tons, a decrease of 5.9% compared to 2022.