Rice products: Attract businesses to invest
PHILIPPINES – THE LARGEST RICE IMPORT COUNTRY In the latest report of the US Department of Agriculture - Foreign Agricultural Services (USDA-FAS), the Philippines will overtake China as the world's largest rice importer in 2019. the Philippines is expected to import three million tons of rice in 2019, accounting for 7% of total global rice imports. Meanwhile, large markets like China only imported only 2.5 million tons, lower than the forecast of 3.15 million tons announced earlier. This decline is believed to be due to the domestic supply meeting the demand of the market. However, it is also forecast that the Philippines will reduce rice imports in 2020 in the context that the country has made certain progress in domestic production. Specifically, in 2020, the Philippines is forecast to import about 2.5 million tons of rice. With the trend of increasing rice imports, the nation's rice reserves increased by 14% in September 2019. According to the latest data form som...