Philippina and Indonesia Rice Import 2013

Philippines and Indonesia the largest rice buyers in the world plans to cut rice import in 2013. The purchase cut down is because of the rise of competition among exporters amid rising global supplies , as per Bloomberg report of two executives in importing countries.

Indonesia may reduce imports to 1.5 million metric tons in 2013, according to Mohammad Ismet, a consultant at the United Nations in Jakarta . Last year the country imported 1.7 million tons of rice and was the largest buyer in 2011.

Rex Estoperez, a spokesman for the National Food Authority says that the overseas purchase may be ended by the Philippines government, the country was the biggest importer until 2010. In October Agriculture Secretary Proceso Alcala said that imports by Philippines will probably drop to 100,000 to 150,000 tons in 2013. Inbound shipments this year reached 500,000 tons, Estoperez said in an interview to Bloomberg.

This year, Chicago gained 1 percent in rice trade and the export prices of rice tracked by the United Nations declined 3.6 percent in the 12 months to October.

Opening stockpiles for 2012-2013 will climb to the highest in a decade, according to the U.S. Department of Agriculture. The milled rice production in 2012 will globally rise to an all-time high of 486 million tons increasing inventories to a record 170 million tons according to the FAO report.