Vietnam’s rice exports drop in Q1
Vietnam exported an estimated 1.28 million tonnes of rice in the first three months of the year, earning US$570 million, down 18% in volume and 17.3% in value compared to the same period last year.
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China remains Vietnam’s largest rice importer, with a market share of 36%, followed by the Philippines with nearly 25% market share.
The export drops were strongest in Ghana, Hong Kong and Malaysia.
Currently, the price of Vietnam’s 5-percent broken rice ranges from US$350 to US$355 per tonne, down US$5 against last week (according to FOB prices at Saigon 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At the beginning of this year, the Ministry of Industry and Trade repealed regulations limiting rice exporters because they were considered detrimental to the growth of the rice export sector.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.
