Rice export prices drop in Q1
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Average rice export prices dipped by 10.6 percent in the first quarter, resulting in a 6-percent decline in revenues.
Vietnam exported 2.05 million tons of rice for US$1 billion, up 4.4 percent in volume but prices fell to $386.2 a ton due to abundant supply, according to the Ministry of Agriculture and Rural Development.
On the global market, rice prices also dropped marginally in May, with Thai 5 percent broken rice being $5 per ton cheaper at $410-412 and Indian exports falling by $10 to $361-365.
Vietnam’s top market in the first quarter was the Philippines, whose imports increased by 63.8 percent year-on-year to 672,142 tons.
Domestic prices remained unchanged in May, however. In the southern An Giang Province, normal rice was sold at VND11,000 ($0.48) a kilogram and jasmine rice at VND15,000.
Questions & Answers
Q.What was the main reason for the fall in Vietnamese rice export prices during the first quarter?
What was the main reason for the fall in Vietnamese rice export prices during the first quarter?
Prices fell to $386.2 a ton due to abundant supply. This contributed to a 10.6 percent dip in average export prices, despite a 4.4 percent increase in export volume.
Q.Which country was Vietnam's largest export market for rice in the first quarter of this year?
Which country was Vietnam's largest export market for rice in the first quarter of this year?
The Philippines was Vietnam’s top market in the first quarter. Their imports from Vietnam rose significantly, increasing by 63.8 percent year-on-year to reach 672,142 tons.
Q.Did the drop in export prices also affect domestic rice prices in Vietnam?
Did the drop in export prices also affect domestic rice prices in Vietnam?
No, domestic prices remained unchanged in May. For example, normal rice was sold at VND11,000 a kilogram in An Giang Province, while jasmine rice fetched VND15,000.
Reader pulse
Is this price drop temporary?
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