Vietnamese rice makes up 84% of Filipino rice imports
VOV.VN -The Philippines imported approximately 800,000 tonnes of rice during the first four months of this year, of which Vietnamese rice accounted for 84% of the total, according to figures released by the Philippine Bureau of Plant Industry (BPI).
Throughout the reviewed period the Philippines imported roughly 780,069 tonnes of rice, including 656,133 tonnes from Vietnam.
This comes after the Philippines had imported 778,986 tonnes of rice during the same period last year.
In a recent report released by the US Department of Agriculture (USDA) it was projected that Filipino rice imports could reach two million tonnes this year, a drop of 18.36% compared to the volume recorded last year due to their ambitions of producing more rice in the year ahead.
This comes after Philippines President Rodrigo Duterte used an executive order to cut the Most Favoured Nation (MFN) tariff rates on rice to 35% from 40% for in-quota purchases and 50% for out-quota volume for one year.
The Vietnamese Ministry of Industry and Trade believe that the lowering of tariffs on imported rice can serve to open up plenty of opportunities for the nation to maintain a stable supply of the product, whilst also helping the Philippines to stablise their domestic market.