The Philippines is projected to import 5.1 million metric tons (MT) of rice in 2024, or 200 MT higher than the 4.9 million MT estimate released earlier by the US Department of Agriculture’s Foreign Agriculture Service (FAS).
The USDA, in its latest FAS report, attributed the increase to a combination of population growth and lowered import tariffs, positioning the country as a primary destination for Southeast Asian rice, particularly from Vietnam.
It said that this year, over 80 percent of the Philippines’ rice imports were sourced from Vietnam, underscoring the two countries’ steadfast trade relationship.
Vietnam’s role as a leading rice supplier was bolstered by additional imports from neighboring Cambodia, enabling it to meet the surging demand from major importers including the Philippines, Indonesia and Malaysia.
Vietnam is expected to reach a record-breaking 8.9 million MT in exports by the end of 2024, although production saw a slight decline.
Despite the entry of India back into the global rice market, which applied downward pressure on prices across Asian suppliers, Vietnam remains a key exporter.
In 2025, Vietnam’s exports are forecast to decrease as competition with India intensifies, and Indonesia is anticipated to reduce its rice imports, favoring local procurement strategies.
For the Philippines, Vietnamese rice remains an attractive option due to logistical efficiency, competitive pricing, and rising domestic demand for premium rice varieties, according to the report.
The trend is expected to continue, establishing the Philippines as a consistent buyer of Vietnamese rice in the near future.
Globally, rice production and exports are forecast to reach new highs, with significant output expected from India, Thailand and Vietnam, while rice demand continues to rise in key import markets like Bangladesh, Vietnam and the Philippines.
