Latest news with #riceimports
Bloomberg
06-08-2025
- Business
- Bloomberg
Philippines, World's Top Rice Buyer, Halts Imports for 60 Days
The Philippines will suspend rice imports for 60 days from Sept. 1 to help local farmers, a move that could further pressure global prices as the top buyer of the grain pulls back from the market. President Ferdinand Marcos Jr. issued the order to protect farmers reeling from low paddy rice prices during the harvest currently underway, Presidential Communications Office Secretary Dave Gomez said in a statement on Wednesday.
Japan Times
04-08-2025
- Business
- Japan Times
Top rice importer Philippines may halt purchases to help farmers
The Philippines may temporarily suspend rice imports to support local farmers in the world's biggest buyer, potentially increasing the risk of expanding a global surplus. The Department of Agriculture has recommended the plan and also pushed for higher tariffs on imported rice, the Presidential Communications Office said in a statement on Monday, without providing a timeline or indicating when purchases might be suspended. The cabinet will discuss "this urgent matter' with President Ferdinand Marcos Jr. on the sidelines of his state visit to India this week, it added. The plan comes at a time when improving global supply prospects for the grain have pushed benchmark Asian prices to an eight-year low. That has sparked farmer protests in some major producers, such as Thailand, while helping to ease food inflation for consumers. The department's proposal comes just days after Agriculture Secretary Francisco Tiu Laurel Jr. suggested to limit annual imports to less than a fifth of current levels, saying imported rice was hurting local producers and could even force local millers to close operations. The Southeast Asian nation is projected to buy 5.4 million tons of rice in the 2025-26 season, according to the U.S. Department of Agriculture. It has already imported around 2 million tons of the staple in the first half of 2025, Agriculture Assistant Secretary Arnel de Mesa said last week. A record drop in rice inflation in the Philippines in June helped keep overall inflation in check. The sustained decline in domestic prices of the grain was also spurred by a cut in import tariffs last year to 15% from 35%, with the reduced rate set to remain in effect until 2028. Paddy rice output in the country, usually planted twice a year, reached 9.08 million tons in the first half of 2025. It's targeting to produce record 20.46 million tons during the full year.
Bloomberg
04-08-2025
- Business
- Bloomberg
Top Rice Importer Philippines May Halt Purchases to Help Farmers
The Philippines may temporarily suspend rice imports to support local farmers in the world's biggest buyer, potentially increasing the risk of expanding a global surplus. The Department of Agriculture has recommended the plan and also pushed for higher tariffs on imported rice, the Presidential Communications Office said in a statement on Monday, without providing a timeline or indicating when purchases might be suspended. The cabinet will discuss 'this urgent matter' with President Ferdinand Marcos Jr. on the sidelines of his state visit to India this week, it added.
Japan Times
27-06-2025
- Business
- Japan Times
Japan private-sector rice imports soar in May
Japan's private-sector rice imports rocketed higher in May as the country grapples with supply shortages that have become a major headache for both consumers and policymakers. Some 10,600 metric tons of so-called staple rice — which is consumed at meals as opposed to rice used for feed or ingredients in other products — were imported by companies such as trading firms and wholesalers despite high levies. While that's still a small amount compared to the roughly 7 million tons eaten by the Japanese each year, it represents a huge jump from the 3,004 tons imported for the entire last financial year that ended in March. Rice prices in Japan have doubled since last year after an extreme heat wave hit the 2023 harvest which was then exacerbated by stockpiling following an earthquake and additional demand from a boom in tourism. To tackle the problem, the government began releasing stockpiled rice directly to retailers from late May, allowing some consumers to snap up 5 kilograms of rice for about ¥2,000 ($13.85) — less than half of average supermarket prices. Restaurants and consumers are increasingly turning to U.S. brands in search of cheaper prices. Japan takes a heavily protectionist stance towards its most basic food and traditionally has not had to rely on imports. Private-sector imports are subject to a levy of ¥341 per kilogram. The government can also import 100,000 tons of staple rice tariff-free under World Trade Organization rules. It decided to hold a tender for tariff-free imported rice this month, earlier than the usual auction in September, to help lower soaring prices.
Reuters
27-06-2025
- Business
- Reuters
Japan private-sector rice imports soar in May
TOKYO, June 27 (Reuters) - Japan's private-sector rice imports rocketed higher in May as the country grapples with supply shortages that have become a major headache for both consumers and policymakers. Some 10,600 metric tons of so-called staple rice - which is consumed at meals as opposed to rice used for feed or ingredients in other products - were imported by companies such as trading firms and wholesalers despite high levies. While that's still a small amount compared to the roughly 7 million tons eaten by the Japanese each year, it represents a huge jump from the 3,004 tons imported for the entire last financial year that ended in March. Rice prices in Japan have doubled since last year after an extreme heatwave hit the 2023 harvest which was then exacerbated by stockpiling following an earthquake and additional demand from a boom in tourism. To tackle the problem, Japan's government began releasing stockpiled rice directly to retailers from late May, allowing some consumers to snap up 5 kg of rice for about 2,000 yen ($13.85) - less than half of average supermarket prices. Japanese restaurants and consumers are increasingly turning to U.S. brands in search of cheaper prices. Japan takes a heavily protectionist stance towards its most basic food and traditionally has not had to rely on imports. Private-sector imports are subject to a levy of 341 yen per kilogramme. The government can also import 100,000 tons of staple rice tariff free under World Trade Organization rules. It decided to hold a tender for tariff-free imported rice this month, earlier than the usual auction in September, to help lower soaring prices.
