Vietnam’s rice market fares well
Vietnam shipped abroad nearly 5.2 million tonnes of rice worth over 2.27 billion USD in the first 11 months of this year, surpassing the figure of the entire 2016 at 4.9 million tonnes, according to the Vietnam Food Association.
Harvesting rice by using a combine harvester |
However, industry insiders still expect a good year in 2018 for Vietnam’s exports as the world rice market is forecast to pick up next year.
According to a November report of the US Department of Agriculture (USDA), world rice trade will expand by 1% in 2018 to reach 42.3 million tonnes, marking the third highest yearly volume in history.
The USDA forecast that India and Thailand will continue to lead the world in rice export, while Vietnam’s rice exports could reach six million tonnes in 2018, an increase of 6.6% from this year, driven by demand in Southeast Asia, particularly in the Philippines.
The National Food Authority of the Philippines recently proposed the country import 350,000 tonnes of rice before its first rice harvest in 2018 to raise its rice reserve.