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- (-) March 2023
- (-) Philippines
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Rice export prices increased 2-3 percent, reflecting new inquiries that offset the depreciation of the Thai baht.
The Philippines maintains a Tariff Rate Quota (TRQ) for corn (H.S. 1005). Following the reduction of tariffs in 2022 and their extension in 2023, significant interest in how to access the in-quota tariff ensued, and in turn, so followed widespread concern among local stakeholders for the process being anti-competitive, outdated, and potentially inconsistent with the Philippines' commitments with trading partners.
Rice export prices increased 2-3 percent due to the strengthening of the Thai baht which offset the downward pressure on domestic rice prices.
Post forecasts MY2022/23 cotton imports to increase 4 percent but remain well below the 5-year average annual import demand from MY2017/18 – MY2021/22 in anticipation of slow economic recovery in 2023.
Post forecasts that MY2023/24 rice production will reach a five-year record of 20.4 million metric tons due to abundant water supplies and attractive farm-gate prices.
Rice export prices decreased 1 percent as new supplies of MY2022/23 off-season rice continued entering the market.
Rice export prices increased 1 percent.
Rice export prices declined 1-2 percent due to the weakening of the Thai baht.
Philippine imports of pulses and other leguminous vegetables in various formats (dry, frozen, flour, and prepared foods) grew 48 percent in the past five years to $88 million in 2022.