Philippines - biggest importer of Vietnamese rice in Q1

Illustrative image (Source: VNA)

Hanoi (VNA) – The Philippines spent more than 450 million USD importing some 900,000 tonnes of Vietnamese rice in the first quarter of this year, and more orders are expected to be placed in the time ahead.

The country was the biggest importer of Vietnamese rice in the reviewed period, making up 48.2% in volume and 45.9% in value, followed by China, Indonesia, Malaysia and Ghana, according to the General Department of Vietnam Customs.

The Philippine National Food Authority (NFA) has recently proposed importing 330,000 tonnes of rice to cover an expected deficit in its buffer stock. The move was made as the Philippine government wants to curb the cost of the staple grain and limit upwards inflation pressure.

The customs agency also reported that Vietnam exported 1.85 million tonnes of rice worth over 980 million USD in the first three months, up 23.4% in quantity and 34.3% in value year-on-year. 

Le Thanh Tung, deputy head of the plant cultivation department under the Ministry of Agriculture and Rural Development (MARD), said rice output in the Mekong Delta alone is projected to reach 24 million tonnes this year.

Vietnamese rice will likely continue to be sought after in the second quarter as demand has been on the rise in major markets like the Philippines, China and Africa, said the Vietnam Food Association.

Last year, Vietnam shipped abroad 7.1 million tonnes of rice valued at 3.45 billion USD, of which 3.2 million tonnes were exported to the Philippines./.

VNA