Vietnam’s rice exports during the first 10 months of the year enjoyed a 4.9 per cent surge in volume in comparison with the same period last year, rising to 5.51 million tonnes.
Despite this growth, rice export turnover fell by 8.8 per cent to US$2.41 billion, with the export price reaching an average of US$437.9 per tonne, down 13.1 per cent.
Leading the way in terms of consumption of Vietnamese rice was the Philippines with 1.94 million tonnes worth US$800.25 million being exported to the South Asian nation.
This figure represents an annual rise of 182.3 per cent in volume and 156 per cent in turnover, but down 9. 3 per cent in price against the same period last year.
The Ivory Coast rose to become the second largest buyer of domestic rice, purchasing 517,197 tonnes worth US$ 223.05 million, up 144.1 per cent in volume and an increase of 83 per cent in turnover.
In contrast to this increase, the export price endured a sharp decline of 25 per cent.
Throughout the reviewed period, the country shipped only 427,546 tonnes of rice products with a value of US$212.02 million to the Chinese market, a sharp fall of 65.4 per cent, 66.7 per cent, and 3.6 per cent in volume, turnover and price, respectively.
This steep decrease can be attributed to China's high inventories of rice in addition to strict controls being placed on product quality.
Furthermore, the northern neighbour has begun to grant quotas to other markets such as Myanmar and Cambodia, leading to the nation’s rice exports facing a number of challenges, simultaneously.
The Import-Export Department under the Ministry of Industry and Trade said they recently invited a delegation of Chinese importers to the country in order to boost trade promotion activities, as well as attempting to gain further insights into the reality of Vietnamese rice production and processing activities.
The 10-month period has also seen the country diversify export markets by placing a focus on nations that have signed free trade agreements with the country.
Most notably, the nation’s ST25 rice brand has been honoured with the title of the world’s best rice and is currently attracting an array of customers.