Rice exports gross nearly US$1.4 billion in Q1
VOV.VN - Vietnam exported more than 2.1 million tonnes of rice worth nearly US$1.4 billion during the first quarter of the year, representing an increase of about 42% against the same period from last year, according to the Ministry of Agriculture and Rural Development (MARD).
This rise can be attributed to the fact that major markets such as the Philippines, Indonesia, China, Ghana, Malaysia, and Singapore all increased their purchases of Vietnamese rice.
In particular, Vietnamese rice consistently dominated other rivals in the Philippines' rice auctions throughout the reviewed period.
Insiders point out that several countries have raised concerns about reliance on Vietnam, meaning that they have launched planned to diversify supply sources.
Therefore, firms are advised to diversify their export markets whilst improving product quality to make Vietnamese rice become more competitive within the global market. At present, the export price of Vietnamese 5% broken rice is US$576 per tonne, down 12% compared to the beginning of the year.
This figure is the lowest level since the beginning of the year and lower than that of both Thai and Pakistani rice.
Vietnam expects to earn US$5 billion from rice exports this year, emerging as the world’s third largest rice exporter. Last year, the country exported 8.13 million tonnes of rice worth US$4.7 billion.
