Viet Nam rice exports drop in Q1

Việt Nam exported an estimated 1.28 million tonnes of rice in the first three months, earning $570 million, down 18 per cent in volume and 17.3 per cent in value compared to the same period last year. — Photo tienphong.vn

HÀ NỘI — Việt Nam exported an estimated 1.28 million tonnes of rice in the first three months of the year, earning US$570 million. But the exports were 18 per cent lower in volume and 17.3 per cent lower in value compared to the same period last year. This was reported last week by the Ministry of Agriculture and Rural Development.

China remains Việt Nam’s largest rice importer, with a market share of 36 per cent, followed by the Philippines with nearly 25 per cent market share.

The export drops were strongest in Ghana, Hong Kong and Malaysia.

Currently, the price of Việt Nam’s 5-per-cent broken rice ranges from $350 to $355 per tonne, down $5 against last week (according to FOB prices at Sài Gòn Port). This decreasing price is due to a larger winter-spring crop.

At the beginning of this year, the Ministry of Industry and Trade repealed regulations limiting rice exporters because they were considered detrimental to the growth of the rice export sector.

The ministry expects to create a healthy market for enterprises investing in rice production and trade, and to ease farmers’ difficulties by boosting high-quality rice exports.