AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |
Back to Blog
Philippines exporter12/25/2023 ![]() "The vulnerability needs to be seen from the perspective of both the impact on expenditure for consumers and how dependent countries on imported food items," she added. Low- and middle-income countries, on the other hand, "tend to spend an even larger proportion of their expenses on food." But the country isn't as vulnerable as the Philippines and Indonesia as "the share of rice in the CPI basket is quite small," Varma noted.Ĭonsumers in Singapore tend to spend "a greater chunk" of their expenses on services, which typically seems to be the case for higher-income countries, she said. Singapore imports all of its rice, with 28.07% of it coming from India in 2021, according to Trade Map. And rice makes up about 15% of its food CPI basket, according to Statista.įor some other Asian countries, however, the pain is likely to be minimal. Nomura reported that the country relies on imports for 2.1% of its rice consumption needs. Similarly, India's rice export ban will be detrimental to Indonesia as well. Indonesia is likely to be the second-most affected country in Asia. In light of that, India's export ban would come as an additional blow to the Southeast Asian nation. The country’s total export sales in July 2022 amounting to USD 6.21 billion, reflected an annual rate of -4.2 percent, from an increment of 1.0 percent in the previous month. Inflation in the country was at 6.3% in August, data from the Philippines Statistics Authority showed - above the central bank's target range of 2% to 4%. Three-fourths of the cultivated area is devoted to subsistence crops and one-fourth to commercial crops, mainly for export. The Philippines, which imports more than 20% of its rice consumption needs, is the country in Asia most at risk of higher prices, Nomura said.Īs Asia's biggest net importer of the commodity, rice and rice products account for a 25% share of the country's food CPI basket, the highest share in the region, according to Statista. Consumer price inflation (CPI) for rice also spiked 3.6% year-on-year as of July, up from 0.5% in 2022. "The impact of a rice export ban by India would be felt both directly by countries that import from India and also indirectly by all rice importers, because of its impact on global rice prices," according to a report by Nomura released recently.įindings from Nomura revealed that the cost of rice has remained high this year, with the increase in prices in retail markets hitting around 9.3% year on year in July, compared with 6.6% in 2022. – with reports from Margarita Gonzalez, Vernise Tantuco/Rappler.The Indian government recently announced that rice production during the Southwest monsoon season between June and October could fall by 10 to 12 million tons, which implies that crop yields could dip by as much as 7.7% year on year, Nomura said. In response to this, the government added 500,000 metric tons to the original target of rice imports of 800,000 metric tons during that same year. Years later, Benigno Aquino III also faced a rice crisis in 2014 when rice prices rose to more than P40 per kilo. PSA data also shows that the total rice exports between 1986 to 1992 and between 2010 to 2016 did not exceed imports.ĭuring Corazon Aquino’s term, the Asian financial crisis and droughts brought by El Niño raised rice prices, and from 1988 to 1990, there was an increase in rice imports. Data from the Food and Agriculture Organization of the United Nations shows that from 1966 to 1986, the country had imported around 2,679,000 metric tons of milled rice and exported only about 632,000 metric tons.įormer presidents Corazon Aquino and Benigno Aquino III continued to rely on imports after experiencing price hikes on rice. Milled rice imports from Marcos’ 21-year term greatly exceeded exports. The photo that accompanied this text implied the same, equating the “Marcos period” with “exporter” and the “Aquino period” with “importer.” The claim said, “Noon, tayo ang nagbebenta at nagturo kung paano mapadami ang tanim na bigas sa iba’t ibang bansa sa Asya pero nung napatalsik si President Ferdinand Marcos nagiimport nalang tayo…” (Before, we were the ones selling and teaching other countries in Asia how to plant rice, but ever since President Ferdinand Marcos was ousted, we only import…) Although Marcos made attempts to achieve rice self-sufficiency through the Green Revolution, his administration still relied on rice imports to cope with a dwindling supply of the crop.
0 Comments
Read More
Leave a Reply. |