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Tag: import

  • Cambodia Slashes Import Duties on EV’s, Solar Devices, and Electric Stoves to Counter Rising Fuel Prices

    Cambodia Slashes Import Duties on EV’s, Solar Devices, and Electric Stoves to Counter Rising Fuel Prices

    In a bid to alleviate the repercussions of escalating global fuel costs resulting from the Middle East conflict, Cambodia has chosen to diminish import duties on electric vehicles (EVs), electric stoves, and solar-powered appliances.

    Curtailing Import Duties

    On March 29, the General Department of Customs and Excise disclosed that the government has resolved to slash import duties from an initial 35% to zero on passenger EVs, electric stoves, and toasters.

    The government further resolved to decrease import duties from 35% to a mere 7% on passenger plug-in hybrid electric vehicles (PHEVs).

    In addition, import duties on chargers for EV batteries, electric rice cookers, and solar lamps have been reduced from 7% to zero.

    New Tariffs from April

    The fresh tariff rates are set to commence on April 1.

    These measures are a response to the dramatic acceleration of fuel prices since the beginning of the Middle East conflict. The government hopes that by reducing import duties on these items, it will encourage more people to switch to using energy-efficient and eco-friendly products, therefore, decreasing the country’s reliance on imported fuels.

    Questions & Answers

    Why is Cambodia reducing import duties on these specific items?
    The government is encouraging the use of energy-efficient and eco-friendly products to lessen the country’s reliance on imported fuels, whose prices have soared due to the Middle East conflict.

    What are the new import duty rates for these items?
    Import duties have been reduced from 35% to zero for passenger EVs, electric stoves, and toasters. For passenger PHEVs, the rate has been reduced to 7% from 35%. Meanwhile, import duties for EV battery chargers, electric rice cookers, and solar lamps have been reduced to zero from a previous rate of 7%.

    When will these new tariff rates take effect?
    The new tariff rates are set to go into effect from April 1.

  • Cambodia Ramps Up Fuel Imports from Singapore and Malaysia Amid Middle East Conflict

    Cambodia Ramps Up Fuel Imports from Singapore and Malaysia Amid Middle East Conflict

    Cambodia has been increasing its fuel imports from Singapore and Malaysia in a bid to compensate for supply shortages caused by ongoing conflict in the Middle East, which continues to hamper global fuel supply chains. The Minister of Mines and Energy for Cambodia, Keo Rottanak, communicated this on Wednesday.

    Fuel Stations and Supply

    Last week, Rottanak reported, approximately one-third of the nation’s 6,300 fuel stations were temporarily closed due to worries about the conflict’s effect on fuel prices. However, the situation has since improved, and now only 5.77% of stations still remain closed.

    Rottanak also pointed out that Cambodia is augmenting its fuel imports from Singapore and Malaysia, while its usual suppliers are making every effort to keep exports steady amid increasingly strained supply conditions.

    Increasing Imports

    Figures from Kpler indicate that during the first 18 days of the current month, gasoline and diesel exports from Singapore and Malaysia to Cambodia have risen by 25% compared to the same period in 2025. However, this is a 40% decrease compared to the last 18 days of February.

    Fuel Reserves and Energy Security

    According to the minister, the fuel reserves of Cambodia are presently at levels similar to earlier periods. The country lacks a domestic oil refinery and usually keeps stocks of diesel, jet fuel, liquefied petroleum gas, and gasoline that suffice for less than one month under standard conditions.

    The Cambodian government is taking steps to bolster its energy security and lessen geopolitical risks. Preliminary discussions have been held this month with Woodside Energy, an Australian company, in an attempt to secure liquefied natural gas (LNG) supplies for a planned 900MW power plant that is expected to start operations in 2027.

    Renewable Energy and Future Plans

    Rottanak added that the shock from the Middle East has been partially mitigated in Cambodia thanks to the swift growth of renewable energy in the country. Overall fuel imports have remained relatively stable compared to the levels in 2022, bolstered by increased electrification from renewable sources. He underlined that the conflict underscores the pressing need to speed up the development of cross-border power grid connectivity among ASEAN nations.

    Questions & Answers

    What steps is Cambodia taking to address fuel supply shortages?
    Cambodia is increasing its fuel imports from Singapore and Malaysia. Its traditional suppliers are also working hard to maintain exports in spite of tough supply conditions.

    What is the current status of Cambodia’s fuel reserves?
    Cambodia’s fuel reserves are currently at levels similar to previous periods. The country typically maintains diesel, jet fuel, liquefied petroleum gas and gasoline stocks sufficient for less than one month under normal circumstances.

    What measures is Cambodia taking for energy security?
    The Cambodian government is enhancing its energy security by holding talks with Australia’s Woodside Energy to secure LNG supplies for a planned 900MW power plant. The government is also accelerating the development of cross-border power grid connectivity among ASEAN countries.

  • Auto Producers Set to Benefit from New Favorable Import Tariff Policies

    Auto Producers Set to Benefit from New Favorable Import Tariff Policies

    A new decree taking effect on July 8 has introduced changes to the minimum production volume requirements for automotive companies looking to enjoy preferential import tariffs on components. This policy aims to bolster the capabilities of domestic vehicle manufacturers and assemblers, especially those investing in eco-friendly models.

    The decree modifies prior regulations, allowing manufacturers of petrol or diesel vehicles that also produce electric cars, fuel cell vehicles, hybrids, and vehicles powered by biofuels or natural gas to have their environmentally friendly vehicle outputs factored into both overall and model-specific production calculations. This combined output will play a crucial role in determining eligibility for preferential import tariffs related to petrol and diesel categories.

    Streamlining Production to Boost Eco-Friendly Vehicles

    In a notable provision, companies holding more than 35% of the charter capital in affiliated automotive firms, recognized by the Ministry of Industry and Trade, can consolidate the production figures from these associated entities. This collective output will be counted toward satisfying the minimum production volume needed for the preferential tariff program. The parent company carries the responsibility of verifying total eligible production and ownership percentages throughout the assessment period.

    Customs authorities at the local level will handle tax refunds based on the number of vehicles fabricated and assembled during the eligibility timeframe. However, firms making inaccurate declarations risk facing tax recovery actions and penalties as specified in tax regulations.

    Shifting Tax Structures for a Competitive Edge

    Accompanying this decree is an increase in export and preferential import taxes for certain commodities. Notably, yellow phosphorus will see a steep rise in export duties, launching from a current rate of 5% to 10% starting January 1, 2026, and further increasing to 15% by January 1, 2027. This vital input material, instrumental in sectors from fertilizer production to high-tech applications like semiconductors and lithium-ion batteries, is critical for Vietnam’s strategic industries.

    The updated tariff policies reflect a concerted effort to protect national resources, minimize environmental impacts, and support the development of industries focused on chip production, electric vehicle battery manufacturing, and advanced industrial chemicals.

    Meanwhile, the import duty on tin-mill blackplate—used in tin-coating—will remain at 0% until August 31, 2025, when it will jump to 7%. Additionally, a new 2% import duty has been enacted for various polyethylene categories, which previously enjoyed a 0% rate.

    In short, these regulatory adjustments represent a balancing act, aiming to propel domestic automotive growth while safeguarding environmental concerns—a move that highlights the complexity and dynamism of the industry.

    Questions & Answers

    What new incentives does the decree provide for manufacturers of environmentally friendly vehicles?
    The decree allows manufacturers of petrol and diesel vehicles that also produce eco-friendly models—like electric and hybrid vehicles—to combine their production outputs when calculating eligibility for preferential import tariffs.

    How will the changes affect tax rates for yellow phosphorus?
    Starting January 1, 2026, the export duty on yellow phosphorus will increase from 5% to 10% and then to 15% in 2027, reflecting the government’s intent to manage key resources while boosting industries reliant on this critical material.

    What changes have been made regarding import duties on polyethylene products?
    Several polyethylene categories, which had a 0% import duty, are now subject to a new 2% import duty, showcasing an immediate shift in the cost structure for these materials.

  • EU Boosts Imports of Vietnamese Fruits and Nuts, Opening New Doors for Tropical Delights

    EU Boosts Imports of Vietnamese Fruits and Nuts, Opening New Doors for Tropical Delights

    Vietnam is making waves in the European Union, with its fruit and vegetable exports booming in recent months. Leading the charge is the mango, which has become a standout success, raking in $27.6 million—an impressive 54% increase. Not far behind is pistachio, which surged to $17 million, reflecting a staggering 90% rise in demand. Pineapples have soared by a jaw-dropping 200% to reach $11 million, while coconut exports climbed by 41% to $10 million.

    The Netherlands Takes the Lead

    The Netherlands emerged as the largest E.U. importer, snapping up nearly $37 million worth of Vietnamese produce, accounting for 28% of the total exports to the bloc. Other countries are also joining the feast: Poland’s imports doubled compared to last year, and Spain enjoyed an impressive 83% increase, while Germany and France reported solid growth as well. Overall, Vietnamese fruit and vegetable exports soared by one third, totaling $132 million.

    A Sweet Spot for Vietnamese Produce

    According to Dang Phuc Nguyen, general secretary of the Vietnam Fruit and Vegetable Association, the increasing popularity of Vietnamese fruits and vegetables in the E.U. can be attributed to the revitalization of consumer demand as the region recovers from the pandemic. Furthermore, a decline in local fruit production in certain E.U. states due to unfavorable weather has created a greater reliance on imports. The advantages of the Vietnam-EU Free Trade Agreement, which has reduced or eliminated tariffs on many fruits, have given Vietnam a crucial competitive edge over countries without similar trade agreements.

    Going Green: A Golden Opportunity

    In 2022, Vietnam’s agricultural exports to the E.U. reached a staggering $4.21 billion, driven primarily by fruits that saw double-digit growth amid strong demand. The Vietnam Sanitary and Phytosanitary Notification Authority highlights a growing trend favoring organic and certified products in E.U. markets, presenting substantial opportunities for Vietnamese farmers. Tropical fruits such as dragon fruit, mangoes, lychees, and longans thrive in Vietnam’s climate—products that simply can’t be produced domestically in the E.U.

    Meeting Stringent Standards

    However, the E.U. has high bars for quality and safety, requiring compliance with strict sanitary and phytosanitary regulations on food safety and pesticide residues. Bui Xuan Hoang Henry, general director of the Hoan Vu Inspection Center, pointed out that cooperation between exporters, testing units, and farmers is crucial for maintaining high-quality agricultural products. “Quality control is a priority this season, allowing our fruits to increasingly align with the rigorous standards of the E.U. market,” he noted. And with that, it looks like Vietnamese produce is ready to take a bite out of the competition!

    Questions & Answers

    What fruit is leading Vietnam’s exports to the E.U.?
    Mango tops the list, with exports valued at $27.6 million, an increase of 54%.

    Which country in the E.U. is the largest importer of Vietnamese produce?
    The Netherlands stands out as the leading importer, purchasing nearly $37 million worth of goods.

    How has Vietnam adapted to meet E.U. quality standards?
    Through close collaboration among exporters, testing units, and farmers, Vietnam ensures that agricultural products meet stringent quality and safety standards required by the E.U.

  • Asics Boosts Indian Manufacturing Amid Regulatory Changes, Plans For Brand-owned Stores

    Asics Boosts Indian Manufacturing Amid Regulatory Changes, Plans For Brand-owned Stores

    Asics, the Japanese sportswear giant, has announced plans to increase its manufacturing operations in India from 30% to 40% over the coming years. This move is aimed at maintaining a stable supply chain, following changes in the country’s regulations that have led to a halt in footwear imports.

    The Indian government has recently introduced a set of standards for different footwear types. These regulations demand that both local and international manufacturers secure quality certifications. In response to these rules, Asics has paused its footwear imports, citing the impracticality of importing without the required government certification.

    Local Production Strategy

    In order to navigate this challenging situation, Asics is working towards enhancing its local production capabilities. “We are strategically developing local production capabilities,” stated Rajat Khurana, Managing Director of Asics India.

    During the 2024-25 fiscal year, Asics achieved 30% local production. This achievement meets the government’s required threshold, which permits foreign brands to run their own single-brand stores in India.

    Expansion Plans

    With approximately 125 stores currently being operated via franchise partners, Asics is now planning to open its first brand-owned store within the year. The company is actively exploring potential locations in and around major cities such as Delhi and Mumbai, with plans to establish a few more outlets in the years to come.

    In addition to directly owned stores, Asics also intends to open three new franchise stores every month until the end of the year. The brand, which competes with internationally recognized names such as Nike, Adidas, and Skechers USA in the Indian market, is set to capitalize on the country’s growing fitness culture.

    Financial Outlook

    Asics is optimistic about its financial prospects in India, predicting a revenue growth of between 35% and 37% for the fiscal year 2024-25. This projection follows a 26% increase in revenue during the previous fiscal year, which saw its earnings rise to 4.28 billion rupees (US$49.7 million).

    The company, which is particularly known for its running shoes, is benefitting from the rising interest in fitness, tennis, and pickleball among India’s affluent urban dwellers. The local market for sporting goods and apparel is anticipated to double by 2030, reaching US$58 billion, up from the 2023 levels, as per a 2024 report by Deloitte.

    Questions & Answers

    What is the reason behind Asics’ decision to increase manufacturing in India?
    Asics is boosting its manufacturing in India in response to new regulations that have halted footwear imports.

    What are Asics’ expansion plans in India?
    Asics plans to open its first brand-owned store in India this year and aims to establish more in the coming years. The company is also looking to open three new franchise stores every month until the end of the year.

    What is Asics’ projected revenue growth in India for 2024-25?
    Asics is expecting to see a revenue growth of between 35% and 37% in India for the fiscal year 2024-25.

  • Vietnam electricity imports from China, Laos set to soar by 2030

    Vietnam electricity imports from China, Laos set to soar by 2030

    The Ministry of Industry and Trade plans to increase electricity imports from China and Laos by 1.6 to five times from between now and 2030.

    Vietnam’s electricity demand is set to rise by 12-14% annually as the government targets an ambitious double-digit growth rate annually to achieve high-income status for the country by 2045.

    This means by 2030 Vietnam’s power capacity would need to reach 210,000 megawatts, up 35% from the current nationwide power plan.

    Imports will therefore play an important role in meeting electricity demand.

    By 2030 imports might account for 5% of total supply as against 4% last year, according to the ministry.

    It wants to import up to 3,700 MW in capacity from China by 2030, a five-fold increase from now.

    But the two sides have made no agreement for this yet. “The governments need to negotiate and sign deals soon,” the ministry said.

    It also wants to buy 6,800 MW from Laos by 2030, 1.6 times the current import.

  • Thailand resumes durian exports to China after temporary ban due to carcinogen detection

    Thailand resumes durian exports to China after temporary ban due to carcinogen detection

    Thailand has resumed exporting durians to China following a temporary ban due to the latter’s stricter requirement regarding Basic Yellow 2, a carcinogen.

    Itthi Sirilathayakorn, deputy minister of Thailand’s Ministry of Agriculture and Cooperatives, said exports were resumed on Monday, with 96 tons of durian worth 7.8 million baht (US$228,900) to be shipped to China on Monday and Tuesday via border channels in Nakhon Phanom and Chiang Rai.

    The shipments underwent stringent screening and certification to comply with China’s tougher import standards, The Bangkok Post quoted Itthi as saying.

    Basic Yellow 2, also known as Auramine O, is a coloring chemical typically used in fabrics, paper, leather, and house paint. It is classified as possibly carcinogenic to humans.

    Traces of the chemical were detected in some Thai durian shipments in late 2024, prompting China to enforce tougher import requirements earlier this month, including the newly added testing for the chemical.

    At the time, customs checkpoints across China were instructed to reject durian shipments lacking the lab test results certifying that the fruit was free of the chemical.

    Itthi said the ministry has since enhanced screening measures. As of Jan. 17, On January 17, six laboratories in Thailand were authorized by China customs to conduct Basic Yellow 2 testing, according to the Department of Agriculture. Four more labs are expected to be approved next week, increasing testing capacity to 1,300 samples per day.

    Some 100 durian containers from Thailand were reportedly sent back due to the increased scrutiny.

    These fruits were being sold at local markets for just 110-120 baht per kilogram, down from their initial prices of 230-240 baht, due to being overripe.

    The abrupt shift in import standards similarly left many Vietnamese businesses unable to adapt quickly, leading to delays or returns of durian shipments at the border.

    Some companies in Vietnam also had to redirect the durians to the local market, selling them at massive discounts instead of waiting for customs clearance.

    China imported 1.53 million tons of durian worth US$6.83 billion in the first 11 months of 2024, up 9.4% in volume and 3.9% in value from a year ago, according to customs data reported by Vietnam Agriculture News.

    Thailand accounted for 52% of the shipments, down from 65% a year earlier, while Vietnam’s share grew from 35% to 47% during the same period.

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  • Chinese kiwi prices in Vietnam start at $0.8/kg

    Chinese kiwi prices in Vietnam start at $0.8/kg

    Chinese green kiwi is being sold at VND20,000 (US$0.79) per kilogram onwards by wholesalers in Vietnam, a third of the prices of imports from Australia and New Zealand.

    Australian and New Zealand wholesale prices start at VND60,000 and go up to VND120,000. But the VND20,000 price is unusually low for a fruit considered an upmarket item in Vietnam.

    Thanh Hoa, a fruit wholesaler in HCMC, said these are the lowest prices in years. “I import thousands of boxes at a time to get the best prices.”

    Retailers are selling the fruit at VND50,000-80,000 per kilogram. In China, green kiwi is primarily grown in provinces with a temperate climate such as Sichuan, Shaanxi and Henan.

    Thanks to advanced breeding technologies and large scale of production, China is able to produce large quantities of the fruit and maintain low prices.

    Vietnamese importers say Chinese kiwi is able to enter Vietnam at current rates because logistic costs have been optimized.

    Dang Phuc Nguyen, general secretary of the Vietnam Fruits & Vegetables Association, said China has acquired kiwi varieties from other countries and breeds them with low labor costs.

    Vietnam’s imports of Chinese agriculture produce in the first 10 months were worth $800 million, a 24% increase year-on-year, according to the customs department. The main fruits it imported were apple, grape, persimmon, and kiwi.

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  • Imports of Chinese vegetables, fruits soar in 2024

    Imports of Chinese vegetables, fruits soar in 2024

    Vietnam imported US$697 million worth fruits and vegetables from China in the first nine months of 2024, up 24% year-on-year.

    Imported Chinese farm products used to be sold only in traditional markets, but now they can also be found at most major retail chains such as MM Mega and Co.opmart.

    The major imports include apple, grape, garlic, onion, and potato, and are often 10-30% cheaper than products from other countries.

    Vo Thanh Loc, co-founder of retailer Farmer’s Market, said the company used to source its products from Australia, Japan, South Korea, and the U.S., but has recently added Chinese products to the list since they look nice and come in many varieties.

    HCMC’s Thu Duc Agriculture Market has received 88,400 tons of vegetables and fruits imported from China so far this year.

    Dang Phuc Nguyen, general secretary of the Vietnam Fruits & Vegetables Association, said China has been able to improve its fruits quality through farming region control and packaging.

    Thanks to reduced transportation costs and zero import tax agreements between China and ASEAN countries, Chinese produce have an advantage in Vietnam, he added.

  • Philippines rice imports up 19% in 8 months

    Philippines rice imports up 19% in 8 months

    Rice imports to the Philippines amounted to 2.8 million metric tonnes (MT) during the first 8 months of this year, 19% higher than he same period last year, data from the country’s Department of Agriculture (DA) showed.

    In its latest report, the department’s Bureau of Plant Industry (BPI) said in August alone, rice from abroad increased to 296,350.9 MT compared to 167,403 MT in July. However, it was still lower than the average monthly arrival of 400,000 MT logged in the earlier months.

    Agriculture Assistant Secretary and spokesman Arnel de Mesa said rice prices have been decreasing. Regular and well-milled rice is sold at around 45 PHP (US$0.8) per kilo and even as low as PHP42, he added.

    According to the report, Vietnam remained the Philippines’ top source of the staple during the period, shipping over 2.17 million MT or around 77% of the country’s total imports in the January-August period. It was followed by Thailand (371,390 MT), Pakistan (156,121 MT) and Myanmar (66,910 MT).

    Last year, inbound shipments of rice totaled 3.6 million MT, down 5.9% from the record-high 3.82 million MT in 2022. The DA projects rice imports for this year will not exceed last year’s volume.

  • Vietnamese passion fruits enter Australian market

    Vietnamese passion fruits enter Australian market

    Passion fruits have become the fifth kind of Vietnamese fruits to be officially exported to Australia, following mango, longan, lychee, and dragon fruit.

    On Monday, the Plant Protection Department under the Ministry of Agriculture and Rural Development in collaboration with the Australian Embassy in Vietnam held a ceremony to announce the export of Vietnamese passion fruits to Australia and the import of Australian plums into Vietnam.

    Huynh Tan Dat, Director of the Plant Protection Department, underlined that Vietnam has great potential and advantages in tropical fruits.

    Currently, Vietnamese fruits are available in over 60 countries and territories. Specifically, passion fruits have been exported to 20 countries in various forms such as fresh, frozen, and juice.

    The area of passion fruit in Vietnam is currently over 12,000 hectares and is expanding, mostly in the northern mountainous region. Many provinces in the Central Highlands are also expanding the cultivation area of this fruit.

    In recent years, Vietnam has concentrated on improving passion fruit quality by promoting chain production and ensuring traceability for the product, focusing on two varieties of yellow passion fruit and purple passion fruit.

  • Vietnam’s coffee export value rises 31% in 7 months

    Vietnam’s coffee export value rises 31% in 7 months

    Vietnam exported 964,000 tonnes of coffee in the first 7 months of 2024, worth nearly US$3.54 billion, down 13.8% in volume but up 30.9% in value compared to the same period last year.

    The Agency of Foreign Trade under the Ministry of Industry and Trade and the Vietnam Industry and Trade Information Center forecast that Vietnam’s coffee exports in the remaining months of the third quarter would decrease due to low supply.

    Supply will not increase until October, when the 2024-25 coffee harvest begins. Statistics from the Ministry of Agriculture and Rural Development show that the country’s coffee output is estimated at 1.47 million tonnes in the 2023-24 crop year, the lowest level in four years, down 20% compared to the 2022-23 crop year.

    Coffee output in the 2024-25 crop year is forecasted to continue to decrease due to unfavorable weather factors.

    Without including the inventory carried over from the previous year, Vietnam will only have about 200,000 tonnes left to export from now until September.

    However, the Vietnamese coffee industry will benefit in terms of price.

    The Global Robusta coffee prices would fluctuate in a strong and prolonged upward trend due to concerns about scarce supply from Vietnam.

    According to the International Coffee Organization (ICO), the world may face a shortage of Robusta coffee of up to 35 million bags (60kg/bag) by 2040.

  • Philippines spends $1.2B on Vietnamese rice in H1

    Philippines spends $1.2B on Vietnamese rice in H1

    Rice was the Vietnamese product with the highest export value to Philippines in the first six months of 2024, with a turnover of $1.2 billion, up 41% over the same period last year.

    According to data from the Vietnam Trade Office in the Philippines, Vietnamese rice has been leading the market in the Philippines, Vietnam’s largest rice export partner, for many years.

    In June, the Philippines reduced rice import tax from 35% to 15% until 2028, and is expected to increase import volume from 4 million to 4.5 million tons. This is deemed a great opportunity for Vietnamese rice in the second half of the year.

    However, although rice export opportunities are expanding, many businesses are still cautious due to high input prices and the impact of storms that could reduce rice supply at the end of the year.

    The Vietnam Trade Office in the Philippines recommends that businesses need to balance costs to offer competitive prices and maintain market share. At the same time, the Ministry of Industry and Trade, the Embassy and the Vietnam Trade Office will also support businesses in trade promotion activities, advertising and improving product quality to increase export value, it said.

    Last year, Vietnam exported more than 3 million tons of rice to the Philippines, down 3% compared to 2022. However, thanks to the increase in prices, export turnover reached $1.75 billion, up 17.6% compared to the previous year.

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  • Cheap imported meats flood market

    Cheap imported meats flood market

    Some 304,850 tons of meat and meat products were imported in the first five months of 2024, up 29% year-on-year, at an average price of VND46,000 (US$1.8) per kilogram.

    According to data from the Agency of Foreign Trade, they shot up in May to 76,120 tons worth $140 million, up 32.1% from a year ago in volume and 28.6% in value.

    India, the U.S., Russia, Poland, and Brazil are Vietnam’s top suppliers.

    In HCMC, imported frozen pork is 30-40% cheaper than local products.

    Thanh Hoa, owner of a meat import business in the city’s Tan Binh District, said prices of Vietnamese pork are rising.

    The Animal Husbandry Association of Vietnam warned that cheap imports could pose unhealthy competition to domestic products and affect consumers’ health if they are of low quality.

    It called on authorities to tighten control over meat imports to protect both consumers’ health and the local industry.

  • Philippines lowers rice import tax to 15%

    Philippines lowers rice import tax to 15%

    The Philippines, one of the world’s largest rice buyers, has announced a reduction in rice import taxes from 35% to 15%, effective from early this August through 2028.

    This can be seen as the latest action by the Philippine government to tackle inflation, especially increasing rice prices in the market so far this year.

    In the first quarter of 2024, the Philippines’ economy was relatively stable, except for the price increase of some essential consumer goods, particularly rice, which saw an increase of about 24.4%. The rice prices account for approximately 9% of the Consumer Price Index (CPI) of the Southeast Asian country.

    According to the Vietnam Trade Office in the Philippines, Vietnam’s largest buyer to date, accounting for over 80% of the total rice imported into the Philippine market.

    As of May 23, Vietnam exported 1.44 million tons of rice to the Philippines, accounting for 72.9% of the country’s total grain imports. The Philippines’ reduction of the rice import tax is said to increase opportunities for Vietnamese rice in the market.

    Latest data from the Department of Agriculture’s Bureau of Plant Industry, the Philippines’ total rice imports rose by 20.3% to 1.97 million tons in the reviewed period. The country’s total rice imports are estimated to reach about 4 million tonnes in 2024.

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