Vietnam’s rice exports signal a favourable year in 2022
Vietnam’s rice exports signal a favourable year in 2022
Vietnamese rice exports have been increasing significantly in the first months of 2022, signalling a favourable year for the country’s produce.
Farmers in southern province of Hau Giang harvest paddy. Experts are optimistic about rice exports as consumption is expected to exceed the rice output. (Photo: VNA) |
Vietnamese rice exports have been increasing significantly in the first months of 2022, signalling a favourable year for the country’s produce.
Data from the General Department of Customs showed the country exported 974,556 tonnes of rice worth nearly 469.26 million USD in the first two months of the year, up 48.6 percent and 30.6 percent against the same period last year, respectively.
Vietnam's largest rice export market during the period was the Philippines, with the exports to the country rising by 110 percent in volume and 82 percent in value. It was followed by China with 81,880 tonnes.
Experts forecast both rice output and consumption in the global market will increase this year. They even said that in the next one or two weeks, rice export market will be busier. Besides, export prices are also expected to rise again when importers step up their purchases.
Instead of volume, Vietnamese rice exporters have been focusing more on quality to better access the European market to capitalise on the EU-Vietnam Free Trade Agreement (EVFTA).
According to the Department, though the country’s rice export volume to the EU last year inched up only 0.8 percent against the previous year to 53,910 tonnes, the produce’s export value surged 21.6 percent to 38.07 million USD.
The Ministry of Industry and Trade’s Import-Export Department attributed the high value to the success of Vietnamese rice exporters in taking advantage of the EVFTA. The export price of Vietnamese rice gained the strongest increase of 20.3 percent to 781 USD per tonne on average among the top 10 rice suppliers for the EU in the first nine months of 2021. The price hike was thanks to an increase in exports of Vietnamese high-quality and specialty rice varieties such as fragrant rice, ST24 and ST25.
Experts said Vietnam's rice exports this year will continue to better exploit the advantages from the EVFTA to boost shipments to the European market. The EU currently accounts for only a small share of Vietnam's total rice exports with 1 percent in volume and 1.3 percent in turnover.
