Latest news with #Miwa
Kyodo News
13 hours ago
- Business
- Kyodo News
Rice imports to Japan surge in May, 3.5 times FY 2024 total
KYODO NEWS - 15 minutes ago - 18:32 | All, Japan Private sector imports of tariffed rice to Japan in May were 3.5 times the total volume brought in during all of fiscal 2024, revised government trade data showed Friday, as soaring prices of domestic rice have spurred demand for cheaper alternatives. According to the Finance Ministry's trade statistics, revised from a preliminary report issued earlier this month, 10,605 tons of tariffed rice were imported in May, a sharp increase from 115 tons in the same period last year. The United States, which accounted for 7,894 tons, was the largest source, followed by Taiwan, Thailand, and Vietnam. Prices of domestic rice have continued to surge due in part to a supply shortage, with an auction system initially employed by the government to release its stockpiles blamed for further inflating prices. Yasufumi Miwa, an expert on agriculture at the Japan Research Institute, noted that private imports may soon decline as the government has been selling stockpiled rice via direct contracts with retailers since late May, helping to ease prices. But Miwa warned that they may rise again if the price of newly harvested rice stays in the range of 4,000 yen ($28) per 5 kilograms. Japan currently imports 770,000 tons of rice annually tariff-free under its minimum access commitment based on World Trade Organization rules. Of that, up to 100,000 tons is used for human consumption. As the recent surge in rice imports falls outside this quota, they are subject to a tariff of 341 yen per kg. Related coverage: Japan rice price falls below 4,000 yen for 1st time since March Japanese restaurants, food companies switching to noodles from rice Japan's core consumer prices in May rise 3.7% on surging rice costs
Kyodo News
13 hours ago
- Business
- Kyodo News
Rice imports to Japan surge in May, 3.5 times FY 2024 total
KYODO NEWS - 13 minutes ago - 18:32 | All, Japan Private sector imports of tariffed rice to Japan in May were 3.5 times the total volume brought in during all of fiscal 2024, revised government trade data showed Friday, as soaring prices of domestic rice have spurred demand for cheaper alternatives. According to the Finance Ministry's trade statistics, revised from a preliminary report issued earlier this month, 10,605 tons of tariffed rice were imported in May, a sharp increase from 115 tons in the same period last year. The United States, which accounted for 7,894 tons, was the largest source, followed by Taiwan, Thailand, and Vietnam. Prices of domestic rice have continued to surge due in part to a supply shortage, with an auction system initially employed by the government to release its stockpiles blamed for further inflating prices. Yasufumi Miwa, an expert on agriculture at the Japan Research Institute, noted that private imports may soon decline as the government has been selling stockpiled rice via direct contracts with retailers since late May, helping to ease prices. But Miwa warned that they may rise again if the price of newly harvested rice stays in the range of 4,000 yen ($28) per 5 kilograms. Japan currently imports 770,000 tons of rice annually tariff-free under its minimum access commitment based on World Trade Organization rules. Of that, up to 100,000 tons is used for human consumption. As the recent surge in rice imports falls outside this quota, they are subject to a tariff of 341 yen per kg. Related coverage: Japan rice price falls below 4,000 yen for 1st time since March Japanese restaurants, food companies switching to noodles from rice Japan's core consumer prices in May rise 3.7% on surging rice costs
