According to PH gets 295,000 MT of rice in best ‘special’ deal with India | Global News (inquirer.net), amid its export restrictions, the Indian government has approved the delivery of more than one million metric tons of nonbasmati white rice to seven nations, with the Philippines receiving the largest amount.
One million and three million metric tons of rice would be transported to Nepal, Cameroon, Cote d'Ivoire, Republic of Guinea, Malaysia, the Philippines, and Seychelles, according to a notice released by India's Ministry of Commerce and Industry on October 18.
India's National Cooperative Exports Ltd. will serve as the government-to-government (G2G) intermediary for all exports.
Raul Montemayor, national manager of the Federation of Free Farmers, stated that the Philippines' ability to obtain rice from India is not assured by this most recent event.
It is dependent upon the cost first. Second, and above all, the caliber. Despite far cheaper pricing, our local importers had previously been unable to get rice from India, most likely because of worries about supply stability and quality, according to Montemayor.
Additionally, given that the whole yearly demand for rice imports is around 2.5 to 3 million MT, he added that the volume supplied by India is not particularly noteworthy, providing it is completely utilized.
The Philippines exported the most rice of the seven countries, with 295,000 MT, or 28.5 percent of the total. Cameroon came in second with 190,000 MT.
In an effort to stabilize its supply and slow price increases, India put a restriction on the export of nonbasmati white rice in July of this year. The World Trade Organization questioned this decision because of its potential effects on the world food market.
However, based on the most recent official data, Vietnam continues to be the Philippines' largest exporter of rice.
The most recent figure from the Bureau of Plant Industry (BPI) shows that as of September 6, the nation was importing 2.68 million MT of rice. Vietnam supplied 2.4 million MT, or 89.75 percent, of the total. 13,579.39 MT of imported rice were exported by India, representing a pitiful 0.5 percent share.
Leocadio Sebastian, the undersecretary of agriculture, according to PH gets 295,000 MT of rice in best ‘special’ deal with India | Global News (inquirer.net), had stated that, contrary to the US Department of Agriculture's forecast of 3.5 million MT, the nation may import 3.1 million MT of rice this year.
Additionally, according to PH gets 295,000 MT of rice in best ‘special’ deal with India | Global News (inquirer.net), Bureau of Plant Industry director Gerald Glenn Panganiban promised the nation a steady supply of rice throughout the final three months of the year since 1.9 million MT of rice are anticipated to be harvested in that time, which equates to a 74-day buffer tank.
