2018 rice export to hit 6m tonnes

Viet Nam’s rice export volume in 2018 is expected to increase by 400,000 tonnes from 2017 to reach 6 million tonnes, due to increased demand from Southeast Asia, especially from the Philippines, with China expected to be the country’s largest rice market. The Vietnam Food Association (VFA), in a report earlier in January, said countries in Southeast Asia will import a large amount of rice from Viet Nam, helping boost the country’s turnover this year. The VFA said Indonesia will import rice from Viet Nam and Thailand again in 2018 to increase reserves, as Indonesia’s rice price has been rising, almost double the floor price. Similarly, the National Food Board of the Philippines approved of up to 250,000 tonnes of imported rice to offset declining inventories, due to unfavourable weather in 2017. These developments are encouraging for Viet Nam’s rice export market, said the VFA’s report, with export price of 5 per cent broken rice rising to US$400 per tonne from $390. Domestic rice price also increased, with the average price between to $267 to $293 per tonne as of January’s end, having increased by $13 to $15 per tonne from December 2017’s price. According to the VFA’s data, throughout 2017, the country exported 5.7 million tonnes of rice worth $2.54 billion. As mentioned by the US Department of Agriculture (USDA)’s 2018 world rice production forecast, issued late 2017, the main factor behind this year’s rice trade expansion is increased output from Viet Nam, Pakistan and Myanmar, three of the… [Read full story]

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