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Rice exports near record high
Rice exports are forecast to hit record highs in volume and value this year, the Viet Nam Food Association has said.
Up to 2 million tonnes of rice would be exported in the third quarter, to increase in the last quarter.
Bangladesh announced last week to import 100,000 tonnes of 25 per cent broken rice from Viet Nam, pushing up the export price from US$305 per tonne in early July to $360 per tonne last week. The export price of Vietnamese 5 per cent broken rice surged from $410 per tonne to $420.
Last month, rice exports to African countries increased sharply to account for 36.4 per cent of the total rice exports against previous months when the exports accounted for 26 per cent of the total.
The export target of 6 million tonnes of rice for the whole year and the export value of rice at a $3 billion was a year-on-year increase of 20 per cent.
Rice commentators said to earn higher prices for rice exports, Viet Nam needed to increase rice quality.
The country lacked good-quality rice seed and a trademark for Vietnamese export rice, they said.
Meanwhile, competition on the world rice market would increase by the end of this year, creating pressure on Vietnamese exports, said Truong Thanh Phong, the association chairman.
India had a good rice crop this year which would increase its exports to Bangladesh and Iraq, which were traditional customers of Vietnamese rice, Phong said.
Thailand planned to cut its export rice price to reach its volume target, he said.
In the first seven months of this year, Viet Nam exported a total of 4.1 million tonnes of rice, earning $2.01 billion. The exports had a year-on-year decline of 2.5 per cent in volume but a year-on-year increase of 3.4 per cent in value.
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