Vietnamese rice export volume hits record high over eight months

The rice export shipments also brought in nearly US$3.2 billion in value for Vietnam, up 34% year on year, reported the General Department of Vietnam Customs.

Among the consumers, the Philippines, China, Indonesia and Ghana imported the most Vietnamese rice, with growth rates of between 3% to nearly 1,500% over the same period last year.

Vietnam benefitted from recent decisions by India and several other rice producers to suspend rice exports, fuelling global demand and rice prices.

After reaching record highs in late August and early September, the prices of 5% broken and 25% broken rice of Vietnam fell by US$15 each to US$628/tonne and US$613/tonne respectively (statistics unveiled on September 5).

The decline in export rice prices is said to be affected by the Philippines’ rice price ceiling order. The Philippines is Vietnam’s largest rice consumer. In the first seven months of this year, it imported nearly 1.94 million tonnes of Vietnamese rice, accounting for nearly 40% of Vietnam’s total rice exports.

In the remaining four months of this year, Vietnam’s rice exports will still be boosted by the number of orders from new markets. However, export businesses are concerned that rice will be in short supply to meet the demand.

Minister of Agriculture and Rural Development Le Minh Hoan said recently Vietnam is likely to export between 7-8 million tonnes of rice this year based on the need for national food security and other consumer needs.

Last year Vietnam shipped 7.2 million tonnes of rice abroad.