Business

Rice export upbeat in first half

Vietnam’s rice exports saw remarkable growth in the first six months of this year, with year-on-year increases of 24.6 percent in volume and 42.2 percent in value.
Rice export upbeat in first half ảnh 1Illustrative image (Source: VNA)

Hanoi (VNA)– Vietnam’s rice exports saw remarkable growth in the first six months of thisyear, with year-on-year increases of 24.6 percent in volume and 42.2 percent invalue.

In June alone, thecountry shipped abroad about 604,000 tonnes of rice worth 317 million USD,raising the first half’s figures to 3.6 million tonnnes and 1.8 billion USD,respectively.

Vietnamese rice wassold at an average price of 505 USD per tonne in the first five months of theyear, up 13.4 percent year-on-year.

China remained thecountry’s largest rice importer, making up 30 percent of the market share, withmore than 844,000 tonnes valued at 449.4 million USD.

The value alsoincreased in other markets like Iraq (25.7 times), Malaysia (2.8 times), the US(2.4 times), Hong Kong (China) (49 percent), the Philippines (37.9 percent) andGhana (17.9 percent).

Notably, Vietnam’srice exports to Indonesia rose 290.8 times in volume and 269.5 times in valueagainst the same period last year to reach 596,058 tonnes and 280.04 millionUSD, accounting for 17.3 percent of the country’s total export turnover toIndonesia.

Truong Thanh Phong,advisor of Hong Kong-based Golden Resources Development International Limited,said rice production and exports during the period ran smoothly despites pricefluctuations, benefiting farmers, businesses and the State.

Experts forecastthat in the fourth quarter of 2018 and the first three months of 2019, ricedemand will mainly come from the Philippines.

Apart from Indonesiaand Malaysia, whose rice demands are expected to remain stable in the upcomingmonths, Bangladesh and Africa will be also promising markets for Vietnameserice exporters.

Although China isbusy dealing with a trade war with the US, the country still has to import riceto feed domestic demand. However, the volume is forecast to be lower thanprevious years.

Phong also predictedfierce price competition with Thailand from now to the end of this year, as thecountry has a bumper harvest this year and its currency saw strong devaluation.

According to theDepartment of Crop Production under the Ministry of Agriculture and RuralDevelopment, Vietnam is expected to garner 23.3 million tonnes of rice in theremaining months of 2018, raising total output in the year to 43.9 milliontonnes, representing a year-on-year rise of at least 1.2 million tonnes.-VNA
VNA
# rice exports #rice importer #total export turnover #Hong Kong-based Golden Resources Development International Limited #Department of Crop Production #Vietnam #VietnamPlus #Viet Nam News
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