by PressLargest rice importers: which countries have become the leaders in terms of purchases
Rice importers increase their purchases
BPI Crop Production Bureau has released new data on the volume of agricultural products purchases. According to the results, the top importers of rice changed in July. Among them were Vietnam, the Philippines and Pakistan.
Rice purchases in the Philippines were around 2.4 million tonnes. The increase in purchases was due to a change in tariffs: the rate was reduced from 35% to 15% by government decree. These changes will remain in place until 2028.
The ministry predicts that rice imports will increase. This is due to the new tariffs and the revision of the amount of products that can be purchased on the world market.
In July, the BPI issued 686 sanitary certificates allowing grain imports into the country. These documents allowed the import of approximately 558,000 tonnes of the crop.
After the Philippines, the leading rice importers were:
1. Vietnam. Its imports accounted for 75% of the total (1.8 million tonnes).
2. In third place was Thailand, which bought about 359 thousand tonnes. Its share was almost 15% of the total.
3. Pakistan imported 155 thousand tonnes of rice.
4. Myanmar bought about 67 thousand tonnes on the world market.
5. India imported more than 21 thousand tonnes.
FAS presented forecasts of crop purchases until the end of 2024. According to the service, the Philippines plans to buy 4.7 million tonnes. In the first six months, the country imported 2.3 million tonnes, more than 25% higher than the volumes for the same period in 2023.
Overview of world production
In terms of global grain production, FAO analysts are talking about a record harvest in 2024. It is estimated at 2,854 million tonnes. This level has been achieved mainly as a result of increased corn production in Argentina and Brazil. There was also an excellent agricultural season in Turkey. On the other hand, corn yields declined in Indonesia and Pakistan, as well as in a number of African countries. Wheat production was good in Pakistan and the Asian countries. This growth offset yield reductions in some European countries.
Rice production exceeded 535 million tonnes, a record for the world market.
Consumption was forecast at 2856 million tonnes for the 2024-2025 marketing year. The increase in demand is for rice and fodder crops.
Analysts forecast an increase in world cereal stocks in 2025. They will be 894 million tonnes, 1.3% higher than in the previous period. The ratio of stocks to cereal consumption will be around 31%.