Global rice prices dipped in February, says FAO
The benchmark international rice prices declined in February as ample supplies intended for export and weak demand for imports, according to the Food and Agriculture Organization (FAO).
The United Nations agency said in a statement the FAO All Rice Price Index averaged 105.9 points last month, down by 6.8 percent from 113.6 points in January.
This index is based on 21 rice export quotations across the four grain varieties – indica, aromatic, japonica and glutinous.
“The falls were driven by a combination of generally weak import demand, progress of the winter-spring harvest in Vietnam and favorable prospects for off-season crops in India and Thailand,” the FAO report said.
In the Philippines, retail prices of regular and well-milled rice in the Philippines slightly dipped in February mainly because of improved supply from the main and ongoing secondary harvest of the 2024-2025 crop year, along with record-high imports in 2024.
The report, however, said rice prices were still elevated as of January and early February, just before the Department of Agriculture (DA) declared a food security emergency to address rising retail prices.
Rice imports that entered the Philippines totaled 640,915.708 metric tons (MT) as of March 13, data from the Bureau of Plant Industry showed.
This was almost 46 percent lower than the 1.19 million MT of imported rice bought by traders between January and March last year.
In the Far East and Asia region, the FAO said that domestic rice prices declined month-on-month in most countries.
