![]() “In order to ensure adequate availability of non-basmati white rice in the Indian market and to allay the rise in prices in the domestic market, the government of India has amended the export policy,” the food ministry said in a statement that cited a 11.5% increase in retail prices over 12 months. India accounts for more than 40% of world rice exports, and low inventories with other exporters mean any cut in shipments could inflate food prices already driven up by Russia’s invasion of Ukraine last year and erratic weather. The government said it was imposing a ban on non-basmati white rice after retail rice prices climbed 3% in a month after late but heavy monsoon rains caused significant damage to crops. The Department of Agriculture in mid-August recommended the importation of 500,000 metric tons of rice to address the thin supply in the buffer stock.India on Thursday ordered a halt to its largest rice export category in a move that will roughly halve shipments by the world’s largest exporter of the grain, triggering fears of further inflation on global food markets. Marcos has blamed smugglers and hoarders for the increase in the price of rice. ![]() The President had said the measure was only temporary and referred to rice imports that would soon arrive. The rising retail prices compelled Marcos to order the imposition of price ceilings on regular and well-milled rice at P41 per kilo and P45 per kilo, respectively. ![]() Last week, Finance Secretary Benjamin Diokno said the department is proposing a reduction of the 35% rice import tariff rates "both ASEAN and MFN rates, temporarily to 0% or maximum of 10% to arrest the surge in rice prices."ĭiokno said rice was the biggest contributor to inflation and emphasized the need to propose a tariff reduction for rice imports. And the pandemic showed us that this was not a wise choice to have made," the President said. "Just import more, import more rice, import more corn, import more everything. In the past years, it became the easy way out," Marcos said. I said, we cannot now continue to depend on importation which is what has happened for the Philippines. “But this is a lesson that we immediately learn. Meanwhile, President Ferdinand Marcos Jr., during the 10th Asia Summit in Singapore on Wednesday, said the Philippines could ill afford to continue its dependence on importation to have a sufficient supply of food at affordable prices. “The uncertainty of depending on external sources for our staple and the high price of imported rice makes it imperative for us to produce more locally,” the DA official said. We also expect that with the intensified efforts to produce more rice locally, we will import less than the projected 3.8 MMT in 2024,” Sebastian said. “This indicates that the volume we imported in 2022 was much more than the deficit. Sought for comment, Agriculture Undersecretary for Rice Industry Development Leocadio Sebastian told GMA News Online “what I can say on the USDA projections we expect to import much less than USDA's 3.8 million MT projected imports of rice in 2023.” “The absence of India’s white rice from the global market is far more significant now than it was 15 years ago,” USDA said. The American agriculture agency said rice export prices are at their highest in 15 years as top rice exporter India “sent shockwaves through the global rice market since its July export ban on milled white rice and subsequent August export tax on parboiled rice and minimum export price for basmati.” While the Philippines is seen to be the top rice importer, USDA said, “his year, it is delaying purchases, awaiting lower prices.” ![]() The country is also the sixth top rice consumer with a projected consumption volume of 16.4 million MT.Ĭhina and India are the top rice consumers with 152 million MT and 115.5 million MT, respectively. The Philippines’ rice importation volume for 2023/2024 is higher than China’s 3.5 million MT, which is lower than the 4 million MT projected in August. This is the same level of volume forecasted by the USDA in the August edition of its world grains trade report. The USDA defines a trade or marketing year as the 12-month period at the onset of the main harvest, when the crop is marketed, meaning it is consumed, traded, or stored. In the September edition of its “Grain: World Markets and Trade” report, the USDA projected the Philippines to import the highest volume of rice at 3.8 million metric tons (MT) of rice for Trade Year 2023/2024. Despite rising global rice prices, the Philippines is set to overtake China as the world’s top importer of the food staple, according to the United States Department of Agriculture (USDA).
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