Philippines - biggest importer of Vietnamese rice in Q1
The Philippines spent more than 450 million USD importing some 900,000 tonnes of Vietnamese rice in the first quarter of this year, and more orders are expected to be placed in the time ahead.
Hanoi (VNA) – The Philippines spent morethan 450 million USD importing some 900,000 tonnes of Vietnamese rice in thefirst quarter of this year, and more orders are expected to be placed in thetime ahead.
The country was the biggest importer of Vietnameserice in the reviewed period, making up 48.2% in volume and 45.9% in value, followed by China,Indonesia, Malaysia and Ghana, according to the General Department of VietnamCustoms.
The Philippine National Food Authority (NFA) hasrecently proposed importing 330,000 tonnes of rice to cover an expected deficitin its buffer stock. The move was made as the Philippine government wants tocurb the cost of the staple grain and limit upwards inflation pressure.
The customs agency also reported that Vietnamexported 1.85 million tonnes of rice worth over 980 million USD in the first threemonths, up 23.4% in quantity and 34.3% in value year-on-year.
Le Thanh Tung, deputy head of the plant cultivationdepartment under the Ministry of Agriculture and Rural Development (MARD), saidrice output in the Mekong Delta alone is projected to reach 24 million tonnesthis year.
Vietnamese rice will likely continue to be soughtafter in the second quarter as demand has been on the rise in major markets likethe Philippines, China and Africa, said the Vietnam Food Association.
Last year, Vietnam shipped abroad 7.1 million tonnesof rice valued at 3.45 billion USD, of which 3.2 million tonnes were exportedto the Philippines./.
The Vietnamese rice industry is set to benefit from the high demand and prices this year, with lower input costs leading to expanded profit margins for rice businesses.
Vietnam exported 1.7 million tonnes of rice in the first quarter of 2023 worth over 900 million USD, a 19% increase in quantity and 30% rise in value compared to the same period in 2022.
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Illustrative image (Source: VNA) 
