Rice market in the Philippines

Earlier Report Observations

The volume of the rice market in the Philippines fluctuated between 20 287 thousand tons and 21 936 thousand tons from 2018 to 2022. It peaked at 21 936 thousand tons in 2019 before contracting to 20 287 thousand tons in 2020. A recovery followed in 2021, bringing the market to 21 200 thousand tons, with a slight stabilization to 20 916 thousand tons in 2022.

In 2023, the market volume grew to 21 537 thousand tons. This expansion was primarily driven by Executive Order No. 62, which reduced rice import tariffs from 35% to 15%. The policy cut lowered costs for importers, leading to a 27% increase in imports to 1 478 thousand tons, which supplemented domestic supply and supported overall market volume.

For 2024, local rice production fell by an estimated 5.5% in the first half due to natural calamities, specifically El Niño and La Niña. However, the continued effect of the reduced import tariffs under EO 62 prompted a sharp rise in imports, which reached 4 770 thousand tons. This significant inflow of imported rice compensated for the lower domestic output and maintained the available market supply.

Production rice in the Philippines

In kind, 2017-2020, K t

From 2017 to 2020, the Philippines ranked as the world's eighth-largest producer of rice.

Top producers of rice, 2017-2020

World map of production of rice, 2017-2020

Following a two-year decline, rice production in the Philippines rebounded. In 2020, the country produced 19 295 thousand tons of rice, marking a modest year-over-year increase of 2.6%. The lowest production level was recorded in 2019 at 18 815 thousand tons, which also saw the largest decline of 1.3% during this period.

Annual dynamics of production in the Philippines in kind, 2017-2020, K t

Exports rice from the Philippines

Exports in kind, K t

The data shows irregular fluctuations, pointing to a volatile market environment. Rice export volumes varied significantly, with the lowest point in 2018 at 0.2 thousand tons and the highest in 2020 at 1 thousand tons, representing a 3.9-fold difference. In 2020, exports increased sharply by 142.9% compared to 2019. The largest decline occurred in 2018, dropping by 34.6%.

Annual dynamics of product's exports from the Philippines in kind, 2017-2020, K t

Between 2017 and 2020, the main buyers of rice from the Philippines were the United Arab Emirates (27.5% of exports in kind), Bangladesh (15.1%), and Qatar (11.4%). Together, these three countries accounted for 53.9% of total rice exports in kind from the Philippines.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from the Philippines in kind, 2017-2020

Exports in value, M $ US

In 2020, the value of rice exports from the Philippines was 1 million US dollars, showing a slight decrease of 1.8% from the previous year. Over the period from 2017 to 2020, exports fell by 37.1%, equivalent to an annualized decline of 14.3%. The lowest value was recorded in 2018 at 0.5 million US dollars, which also experienced the largest drop of 46.9%. In contrast, 2019 saw the largest increase of 20.5%.

Annual dynamics of product's exports from the Philippines in value, 2017-2020, M $ US

From 2017 to 2020, Indonesia (20.3% of exports in value terms), the United Arab Emirates (20.2%), and Bangladesh (13.6%) were the key partners for the Philippines in rice exports by value. Combined, these three markets represented 54.0% of total export flows.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from the Philippines in value, 2017-2020

Imports rice to the Philippines

Imports in kind, K t

Market behavior during these years was marked by volatility. Rice imports peaked in 2019 at 3 122 thousand tons and hit their lowest point in 2017, creating a 3.6-fold gap between the two years. In 2020, imports to the Philippines amounted to 993 thousand tons, a sharp decline of 68.2% compared to 2019. The largest increase occurred in 2018, rising by 101.6%.

Annual dynamics of product's imports to the Philippines in kind, 2017-2020, K t

During 2017–2020, Vietnam and Thailand together accounted for 85.7% of total rice imports in kind to the Philippines, with the remaining volume distributed among smaller markets.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to the Philippines in kind, 2017-2020

Imports in value, M $ US

The market displayed an unstable trend throughout this period. The value of rice imports reached its highest point in 2019 at 1 145 million US dollars and its lowest in 2017, resulting in a 3.2-fold difference. In 2020, imports totaled 1 million US dollars, representing a significant decline of 19.5% from the previous year. The largest increase was recorded in 2018, surging by 105.9%.

Annual dynamics of product's imports to the Philippines in value, 2017-2020, M $ US

From 2017 to 2020, rice imports to the Philippines in value terms were primarily directed toward Vietnam and Thailand, whose combined share reached 84.4% of total flows, while other destinations played a secondary role.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to the Philippines in value, 2017-2020