Vietnam exported roughly 4.08 million tonnes of rice in the first seven months of 2022 to earn over 1.99 billion USD, up 17.3% and 6%, respectively, against the same period last year, customs data shows.
Despite a hike on export turnover, the average export price drops 9.6% in the first seven months of 2022. Illustration. (Photo: VNA)
Hanoi (VNA) – Vietnam exported roughly 4.08million tonnes of rice in the first seven months of 2022 to earn over 1.99billion USD, up 17.3% and 6%, respectively, against the same period last year,customs data shows.
Despite a hike on export turnover, the average export pricedropped 9.6% during the period to 488.9 USD per tonne. It is likely that riceprices will not increase in the coming time as a result of low demand andabundant supply from major exporters.
Generally, the market is currently weak, with low purchasingpower, said Nguyen Van Don, Director of Viet Hung Co., Ltd, a food exporterbased in the Mekong Delta province of Tien Giang. Since the start of this year,Vietnam mostly exported to the Philippines while shipments to China declinedsignificantly.
Exports to other markets, though stable, remained small, hecontinued, so the rice market will probably stay stagnant until the end of thesummer-fall crop.
Inventory of importers are rising so it is unlikely thatprices would improve, said Do Ha Nam, Vice President of the Vietnam FoodAssociation (VFA). Meanwhile, bumper harvest is forcing exporters to boostsales, he added.
According to VFA, 5% broken rice fetched 393 USDper tonne and the 25% broken rice, 378 USD per tonne on August 17. The priceswere lower than those of Thailand, but higher than India’s and Pakistan’s.
The Philippines was biggest buyer of Vietnam's rice, accounting for48.6% of total export volume and 46.6% of total value in the seven-month period. It imported 1.98 milliontonnes of rice, worth nearly 924.9 million USD, from Vietnam, up 67% and 40%,respectively, year-on-year.
It was followed by China that made up over 11.4% of the totalvolume and 12.2% of the total revenue. Exports to the neighbouring country slid28% year-on-year in both volume and value.
Nam anticipated that Vietnam will ship abroad some 2 milliontonnes of rice in the remaining months to raise total export volume of theentire year to over 6 million tonnes, worth about 3 billion USD./.
Vietnam exported 1.14 million tonnes of rice worth 715 million USD in the first quarter of 2022, up 24 percent in volume and 10.5 percent in value year-on-year, according to the Ministry of Agriculture and Rural Development.
The Vietnam Trade Promotion Agency (Vietrade) under the Ministry of Industry and Trade (MoIT) will coordinate with Vietnam’s trade offices in member countries of the Association of Southeast Asian Nations (ASEAN) to organise a consulting session on rice exports.
A workshop was held in the Mekong Delta city of Can Tho on June 22 to discuss ways to promote links and share experience to raise the value of Vietnamese rice in the international market.
Vietnam has become one of the leading rice producing and exporting countries in the world. However, this item is usually imported raw, then distributed under the brand of the importers. Some domestic agricultural enterprises have pooled resources to build high-quality rice production chain, successfully penetrating choosing markets, and helping leverage the prestige of Vietnamese rice on the global market.
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Despite a hike on export turnover, the average export price drops 9.6% in the first seven months of 2022. Illustration. (Photo: VNA)
