PRIVATE sector imports of tariffed rice to Japan in May were 3.5 times the total volume brought in during all of fiscal 2024, revised government trade data showed Friday, as soaring prices of domestic rice have spurred demand for cheaper alternatives.
According to the Finance Ministry’s trade statistics, revised from a preliminary report issued earlier this month, 10,605 tonnes of tariffed rice were imported in May, a sharp increase from 115 tonnes in the same period last year. The United States, which accounted for 7,894 tonnes, was the largest source, followed by Chinese Taipei, Thailand, and Vietnam.
Prices of domestic rice have continued to surge due in part to a supply shortage, with an auction system initially employed by the government to release its stockpiles blamed for further inflating prices.
Yasufumi Miwa, an expert on agriculture at the Japan Research Institute, noted that private imports may soon decline as the government has been selling stockpiled rice via direct contracts with retailers since late May, helping to ease prices.
Kyodo
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