Philippines: Rice Market 2024

Rice Market Size in the Philippines

The Philippine rice market contracted to $X in 2022, with a decrease of X% against the previous year. Over the period under review, consumption continues to indicate a perceptible contraction. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market remained at a lower figure.

Rice Production in the Philippines

In value terms, rice production plummeted to $X in 2022 estimated in export price. Overall, production recorded a abrupt curtailment. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. Over the period under review, production attained the peak level at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

In 2022, the average yield of rice in the Philippines dropped to X tons per ha, approximately reflecting the previous year's figure. Overall, the yield, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. Over the period under review, the average rice yield attained the peak level at X tons per ha in 2021, and then fell in the following year. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the harvested area of rice in the Philippines dropped slightly to X ha, standing approx. at the previous year. In general, the harvested area, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the harvested area increased by X% against the previous year. As a result, the harvested area reached the peak level of X ha; afterwards, it flattened through to 2022.

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Rice Exports

Exports from the Philippines

In 2022, approx. X tons of rice were exported from the Philippines; with an increase of X% on 2021. Over the period under review, exports saw a prominent expansion. The pace of growth was the most pronounced in 2013 with an increase of X%. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, rice exports surged to $X in 2022. In general, exports, however, continue to indicate a mild contraction. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Bangladesh (X tons) was the main destination for rice exports from the Philippines, with a X% share of total exports. Moreover, rice exports to Bangladesh exceeded the volume sent to the second major destination, the United Arab Emirates (X tons), fivefold. The third position in this ranking was taken by Qatar (X tons), with a X% share.

From 2012 to 2022, the average annual growth rate of volume to Bangladesh amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (X% per year) and Qatar (X% per year).

In value terms, Bangladesh ($X) emerged as the key foreign market for rice exports from the Philippines, comprising X% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a X% share of total exports. It was followed by Qatar, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Bangladesh amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (X% per year) and Qatar (X% per year).

Export Prices by Country

The average rice export price stood at $X per ton in 2022, picking up by X% against the previous year. Overall, the export price, however, recorded a abrupt setback. The growth pace was the most rapid in 2014 an increase of X% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2015 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Bangladesh ($X per ton), while the average price for exports to Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Jordan (X%), while the prices for the other major destinations experienced more modest paces of growth.

Rice Imports

Imports into the Philippines

After two years of decline, purchases abroad of rice increased by X% to X tons in 2022. In general, imports continue to indicate modest growth. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. Over the period under review, imports attained the maximum at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, rice imports expanded remarkably to $X in 2022. Overall, imports recorded prominent growth. The pace of growth appeared the most rapid in 2014 with an increase of X% against the previous year. Imports peaked in 2022 and are likely to continue growth in years to come.

Imports by Country

In 2022, Vietnam (X tons) constituted the largest supplier of rice to the Philippines, with a X% share of total imports. Moreover, rice imports from Vietnam exceeded the figures recorded by the second-largest supplier, Myanmar (X tons), sixfold. Thailand (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Vietnam was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Myanmar (X% per year) and Thailand (X% per year).

In value terms, Vietnam ($X) constituted the largest supplier of rice to the Philippines, comprising X% of total imports. The second position in the ranking was held by Thailand ($X), with a X% share of total imports. It was followed by Myanmar, with a X% share.

From 2012 to 2022, the average annual growth rate of value from Vietnam stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (X% per year) and Myanmar (X% per year).

Import Prices by Country

The average rice import price stood at $X per ton in 2022, falling by X% against the previous year. In general, the import price, however, enjoyed a strong expansion. The most prominent rate of growth was recorded in 2020 when the average import price increased by X%. The import price peaked at $X per ton in 2021, and then dropped modestly in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was China ($X per ton), while the price for Myanmar ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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