A report from the United States Department of Agriculture says the Philippines overtakes China as the world’s top importer of rice.
Full story: https://www.rappler.com/business/philippines-overtakes-china-top-rice-importer-usda/
Full story: https://www.rappler.com/business/philippines-overtakes-china-top-rice-importer-usda/
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NewsTranscript
00:00 A report from the United States Department of Agriculture says the Philippines overtakes
00:04 China as the world's top importer of rice.
00:08 The USDA projects the Philippines will hit 3.8 million metric tons of rice imports for
00:12 marketing year 2023-2024, as opposed to China's decreased projection of 3.5 million MT.
00:20 The U.S. also projects a lower global rice production until 2024.
00:24 The report adds global rice prices increase due to stronger demand and lower production,
00:29 even before India, which accounts for about 40 percent of the world trade, announced its
00:33 export ban in July.
00:35 The Philippines is primarily affected by India's ban and is now seeking to augment supplies
00:40 through Vietnam.
00:41 Both governments are set to sign a pact on rice trade soon.
00:44 (upbeat music)