Rice is processed for exports at a factory in Ho Chi Minh City. Vietnam exported more than 14,700 tonnes of rice to Russia in the first five months of this year (Photo: VNA) Hanoi (VNA) – Vietnam exported more than 14,700 tonnes of rice worth 5.56million USD in the first five months of this year to Russia, a year-on-year increase of707 percent in volume and 662.6 percent in value, according to statistics fromthe General Department of Vietnam Customs.
In the period, the country raked in 1.1 billion USD from shipping nearly 2.4million tonnes of rice abroad, up 1.1 percent in quantity and 0.2 percent inrevenue from the same time last year.
The country saw a robust growth in the rice shipment to China - its largestrice consumption market. Nearly 1.1 million tonnes of rice were sold in thecountry at 488 million USD, up 33.6 percent in volume and 31 percent in value.The amount accounted for 46 percent of the country’s total rice exports.
Expansion in Vietnamese rice exports was also seen in the Philippines and someEuropean countries like Ukraine, Belgium and France.
However, the country’s rice shipments experienced steep fall from 40-99 percentin Hong Kong (China), Taiwan (China), Indonesia, Poland and Turkey.
The price of Vietnamese export rice has hit a three-year high thanks to therising import demands and the restricted supply source.
According to the Ministry ofIndustry and Trade, the demand for Vietnam’s 5 percent broken rice, has beenrising, hitting 390 USD per tonne in the early days of June, against 360 USD pertonne to 380 USD per tonne in late May.
This is the highest pricesince December 2014, the ministry said, attributing it to the rising globaldemand for rice imports, especially in the Asian region.
The export price rise hasalso caused the paddy price in the domestic market to soar. A tonne of 5percent broken rice in the domestic market stood between 7.65 million VND (340USD) and 7.75 million VND in early June, up 550,000 VND (24 USD) per tonneagainst last month.
The global rice market hasbeen heating up after top importing countries, such as Bangladesh and thePhilippines, announced to import roughly 950,000 tonnes of rice recently.
Experts have forecast thatthe global rice price will increase by roughly 20 USD per tonne in the nextthree months.
They have advisedrice exporting enterprises to not sell the crop in a hurry, hoping that the priceof 5 percent broken rice would increase to at least 400 USD per tonne.-VNA
VNA
