Philippine Rice Prices Predicted to Go Lower as India Lifts Export Ban

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ByJi-hyun

According to the Department of Agriculture spokesperson Arnel de Mesa, rice prices in the Philippines may fall further after India lifted its export ban on non-basmati white rice.

Recently, India announced the lifting of the export ban a year after it was implemented. It is a move that De Mesa presumes will relieve price pressure in the international market. Last year, India banned exports due to a dip in production as El Nino threatened the country.

De Mesa told reporters, “We have to remember that 40 percent of the rice in the international market comes from India so it’s important that their rice enter international trade again.”

Additionally, India imposed a minimum export price of USD 490 per metric ton. This is lower compared to international prices last year which reached USD 600 per metric ton.

“Pressure on wheat will be lessened, more rice will go to the international market and Indian rice is cheaper than that of Vietnam,” De Mesa added.

The volume of imports so far in 2024 has reached almost 3.2 million metric tons, almost poised to breach the 3.6 million metric tons of imports recorded in 2023.

“We have enough supply coming from a strong harvest last year and during the first quarter kahit may El Nino tayo,” De Mesa said.

Hailing from California, USA. Ji-hyun is a Korean American 🇰🇷🇺🇸 with two growing boys who eat their weight in rice each week. After graduating UCLA & becoming a mom she started We Know Rice as a guide for all the students and moms out there looking to cook healthy and filling meals.