Philippines exceeds rice purchasing target in the first half of 2024

The Philippine National Food Authority (NFA) announced that the country exceeded its rice purchasing target in the first half of 2024, acquiring 3.37 million 50 kg bags (equivalent to 168,262 tons). This volume is sufficient to meet four days of the Philippines’ rice consumption in an emergency.

Despite large purchases at rising prices, the NFA still has about 12 billion Pesos (approximately 204 million USD) allocated for rice procurement this year, including funds from the previous year.

According to the Philippine Department of Crop Production, as of June 6, 2024, the country’s rice imports reached more than 2.17 million tons. Vietnam continues to be the largest supplier, providing 1.59 million tons. Following Vietnam are Thailand with 339,670 tons, Pakistan with 148,618 tons, and India with 21,345 tons.

The Food and Agriculture Organization of the United Nations (FAO) reported that global rice production for the 2024-2025 crop year is forecast to increase by 0.9% over the previous year, reaching a record level of 534.9 million tons.

According to the World Food Outlook, Asia is expected to account for most of this increase, with the region's total harvest rising by 0.6% to 478.9 million tons. 

Regionally, Bangladesh, India, and the Philippines achieved record yields due to improved growing conditions and strong government support. Additionally, the expansion of rice-growing areas in response to high global rice prices is expected to boost production in Cambodia, Nepal, and Pakistan.

The Ministry of Finance of Pakistan reported that the country's rice output reached its highest level ever, at 9.9 million tons in the first 11 months of the 2023-2024 crop year. This record output helped Pakistan earn 3.6 billion USD from the export of 5.59 million tons of rice in the same period, an increase of nearly 60% over the previous year.

China's rice-growing area is forecast to expand after three years of reductions. Rice production is also expected to recover in Iraq, Iran, and Turkey.