Home / / Agrinews

Export price of rice suffers dramatic decrease

Export price of rice suffers dramatic decrease
Author: VOV
Publish date: Thursday. December 12th, 2019

The average export price of rice during the first nine months of the year suffered a sharp decline of 13.4 per cent to US$435.6 per tonne, according to the Agro Processing and Market Development Authority.

During the nine-month period, Vietnam shipped 5.56 million tonnes of rice abroad for US$2.43 billion. This figure represents a 6.1 per cent increase in volume, but a fall of 9.1 per cent in value in comparison to last year’s corresponding period. In contrast to rice exports in recent years, this indicates a sharp decrease.

The average export price throughout the reviewed period reached US$435.6 per tonne, down 13.4 per cent on-year.

This plunge can be attributed to high worldwide inventories of rice, in addition to rice from competitive markets such as Thailand and India being sold at attractive prices.

At present, the Philippines represents the nation’s leading rice export market with 35.1 per cent of the overall market share.

Furthermore, a number of emerging markets all enjoyed strong growth, with exports to Senegal posting a 297-fold increase, the Ivory Coast up 81.8 by per cent, whilst exports to Australia, and Hong Kong (China) rose by between 30 per cent and 70 per cent,.

Exports to the Philippines suffered a blow in September when the Philippines’ Department of Agriculture initiated a preliminary safeguard investigation into rice imports.

Despite this, the Ministry of Industry and Trade of the Philippines announced in October that the country would not be imposing additional import duties on imported rice from various countries. This serves as a boost for local rice businesses  looking to export to this market.

In addition, the government of the Philippines has projected that the domestic demand for rice will steadily increase by 2030, with 14.5 million tonnes in 2022 (a rise of 4.3 per cent over 2019), 15.2 million tonnes in 2026  (up 9.4 per cent), and 16.0 million tons in 2030 (up 15.1 per cent).


Related news

118,202ha of old coffee trees replaced in Central Highlands 118,202ha of old coffee trees replaced in Central Highlands

The Tây Nguyên (Central Highlands) region has replaced 118,202ha of old coffee trees by planting new ones or grafting old coffee trees with young sprouts

Tuesday. December 10th, 2019
Application of high technology to growing dragon fruits is right direction Application of high technology to growing dragon fruits is right direction

Up to now, Long An has over 11,800 hectares of dragon fruit, an increase of over 12 percent compared to 2017, of which, Chau Thanh district has about 9,100 ha

Wednesday. December 11th, 2019
Tan Yen develops commodity guava production area Tan Yen develops commodity guava production area

Bac Giang province have recently developed the Taiwanese pear guava in large area. The actual cultivation proved that the guava is ideally suited to the land

Wednesday. December 11th, 2019