Philippines becomes largest export market for Vietnamese rice

Thursday, May 13, 2021  09:57

VOV.VN - Vietnam raked in US$1.01 billion from exporting 1.9 million tonnes of rice during the opening four months of the year, with the Philippines becoming the country’s largest consumer, according to the Agro Processing and Market Development Authority.

This figure represents a decrease of 10.8% in volume, although it has climbed by 1.2% in value compared to the same period from last year.

Notably, local businesses shipped 411,580 tonnes of rice worth US$219.96 million to the Philippines during the first quarter of the year, down 30.7% in volume and 14.5% in value year on year.  

Strong export growth throughout the reviewed period was also recorded in markets such as the Ivory Coast and Australia, enjoying a 2.7-fold increase and a rise of 66%, respectively.

The average rice export price witnessed a surge of 18.6% to US$547.8 per tonne. The export value of white rice accounted for 39.3% of the total turnover, followed by jasmine and fragrant rice at 36.0%, sticky rice at 22.0%, and japonica rice at 2.6%.

Vietnam’s largest white rice export markets include the Philippines, Cuba, and Malaysia, making up 63.1%, 12.6%, and 5.7%, respectively.

The largest export markets for local jasmine and fragrant rice are the Philippines, Ghana, and the Ivory Coast, accounting for 21.9%, 19.8%, and 16.8%, respectively.

Major consumers of Vietnamese sticky rice include China, Malaysia, and the Philippines, with the proportion representing 82.5%, 6.7%, and 4.3% of the total, respectively.

With regard to japonica rice and the Japanese strain of rice, the country’s largest export markets include Solomon Island, Cambodia, and Saudi Arabia.

April witnessed the price of Vietnamese rice exports in the global market fall from US$508 to US$488 per tonne due to decreasing demand for raw materials.

2021 is set to see the demand for rice imports climb due to unfavorable weather conditions throughout many parts of the world.

Meanwhile, the EU market is forecast to become more prominent due to the implementation of the Vietnam - EU Free Trade Agreement (EVFTA).