The United States Department of Agriculture expects the Philippines to cut its rice imports by 100,000 tons to 3.6 million tons in anticipation of a bigger harvest.
The USDA initially forecast Philippine rice imports at 3.7 million tons this year.
For 2023, the USDA sees global rice production hitting a new record high of 521 million tons, 12 million tons more than in 2022.
Global stocks, however, are seen declining by 2.5 million tons to 167 million, with stocks of major rice exporting countries declining for the third consecutive year.
According to the USDA, China and India hold 81% of global stocks. China’s stocks will remain unchanged while India’s are forecast to decline because of robust consumption and stable exports.
The US and Uruguay have not changed their export quotes at $760 per ton and $600 per ton respectively because of tight supplies.
