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Vietnam rice export increase; RP import cut eases price fears
Higher-than-expected rice exports from Vietnam in the first quarter and a plan by the Philippines to import less of the grain could trigger a drop in Asian prices in coming weeks.
Ample supplies from Thailand and Vietnam, the world's biggest rice exporters, smaller imports by top importer the Philippines, as well as Indonesia's aim to fill additional stockpiles via domestic production, could help ease fears over dramatic price surges and food inflation in the region.
''In the first six months, rice prices in Vietnam are often determined by the Philippines, and prices are set to fall on its lower import plan and Vietnam's major harvest,'' a trader in Ho Chi Minh City said.
Vietnam's first-quarter rice shipments are slated to reach between 1.6 million and 1.8 million tons, up at least 11 percent from a year ago, a state-run newspaper said.
Vietnam also began cutting prices on Monday to attract import demand, down by between 3 and 4 percent the minimum prices required for its export grades.
The Philippines will import less than 1 million tons of rice this year, mostly via the private sector, and is likely to start within the first quarter, the head of the state grains agency said.
''They (Private traders) have to bring it in by June 30 in order to ensure that we have enough stock during the lean season,'' National Food Authority administrator Angelito Banayo said.
Hefty stockpiles and early rains that are expected to boost harvest this year, have given the Philippines room to cut imports after the country bought a record of 2.45 million tons in 2010.
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