According to the US Department of Agriculture, it has been reported that the volume of Philippines-bound milled rice is expected to rise in 2016, keeping the country among the world’s biggest importers at No. 3, The USDA’s Economic Research Service (ERS) which tracks the global rice market for one of the world’s biggest exporters, also projects an increased importation by other large markets such as Brazil, China, Ghana, Indonesia, Iran and Iraq.
Further, it has also been indicated that at 4.7 million tons, China remains the largest rice-importing country in 2016, with imports up 4 percent from a year earlier, the ERS stated. However, the China’s rice imports have been record-high since 2012. Moreover, the Philippines trails Nigeria, which the American agency expects to substantially reduce imports by 17 percent to 2.5 million tons which is mainly due to increased import tariffs, low oil prices as well as foreign exchange restrictions.