Latest news with #riceimports
Reuters
10 hours ago
- 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.
CNA
10 hours ago
- Business
- CNA
Japan private-sector rice imports soar in May
TOKYO :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.
