Vietnam’s rice exports to Indonesia surge
Vietnam’s rice exports to Indonesia surge
Vietnam shipped 884,200 metric tons of rice worth US$462.61 million to Indonesia in January-September, skyrocketing 1,667 percent in volume and 1,794 percent in value compared with the same period last year, according to the General Department of Vietnam Customs.
Rice supply in Vietnam remains abundant. Photo: N.Tri / Tuoi Tre |
Indonesia ranked third in export value among importers of Vietnam’s rice, accounting for 13.8 percent of the country’s total rice export volume and 13 percent of its rice export value.
Indonesia followed the Philippines and China.
The Philippines spent $1.29 billion importing over 2.44 million metric tons of Vietnamese rice, making up 38 percent of Vietnam’s rice export volume and 36.5 percent of the value.
Meanwhile, China purchased more than 858,800 metric tons of Vietnam’s rice valued at $495.78 million.
These three markets accounted for 65.4 percent of Vietnam’s rice export volume in the nine-month period, at 4.2 million metric tons.
The customs agency revealed that Vietnam raked in $377.78 million from 605,410 metric tons of rice exported to other countries in September, taking the figures in the January-September period to $3.54 billion and 6.42 million metric tons, respectively.
Do Ha Nam, vice-chairman of the Vietnam Food Association, told Tuoi Tre (Youth) newspaper that rice exports would remain positive in the coming time but local firms might not have enough grains for export.
Local rice prices are sometimes $50 per metric ton higher than the export rates, causing many enterprises to hesitate to acquire the grain from farmers and traders.
Farmers and traders have hoarded rice to wait for higher prices, Nam informed.
The demand for rice in Indonesia will be still high, as Indonesian President Joko Widodo has announced that his country needs an additional 1.5 million metric tons until the end of this year and it will choose Vietnam and Thailand as the two key suppliers, opening up a great opportunity for Vietnam.
