Vietnam enjoyed growth in its rice export volume but saw value fall in the first nine months of the year, according to the Ministry of Agriculture and Rural Development (MARD).
|Vietnam's total rice export volume in the first nine months of this year reached 5.2 million tonnes. photo vietnambiz.vn
The ministry said the total rice export volume and value in the first nine months of this year reached 5.2 million tonnes and $2.24 billion, respectively.
The figures represented a rise of 5.9 per cent in volume and a drop of 9.8 per cent in value compared to the same period in 2018. Of which, Vietnam shipped abroad 586,000 tonnes of rice in September for $251 million.
The Philippines was the top market for Vietnamese rice in the first eight months of this year, consuming 1.76 million tonnes worth $720 million, 2.9 times higher in volume and 2.6 times in value over the same period last year.
Strong growth was also seen in other markets, including Australia (75 per cent), Ivory Coast (nearly 35 per cent) and Hong Kong (nearly 35 per cent).
The average rice price in the first eight months fell 13.8 per cent year on year to $435 per tonne.
White rice led the way in the period, accounting for 47 per cent of total revenue, followed by Jasmine rice with 39.8 per cent.
According to the Agro Processing and Market Development Authority (AgroTrade) under the MARD, the Philippine Government planned to diversify non-tariff measures to adjust rice import activities.
At the same time, the Philippine Department of Agriculture has also proposed the application of a defence tariff on imported rice at between 30-65 per cent, which may affect Vietnam’s rice exports to the market in the future.
However, positive signals were seen in the Japanese market, which is considering switching rice imports from the US to signature countries of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, including Vietnam.
Meanwhile, Singapore has also shown more interest in rice from Southeast Asian countries such as Vietnam.
To deal with the situation, the ministry said in the long term Vietnam planned to move away from rice cultivation to focus on other crops which are more efficient.
It would also look to expand export markets in Africa and the Middle East as well as regional markets like Indonesia and the Philippines.