Rice exports jump 20 pct
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Vietnam exported 4.2 million tons of rice in the first seven months, 20 percent up year-on-year, according to the Ministry of Agriculture and Rural Development.
But earnings were only 9 percent higher at US$2 billion since global rice prices have fallen by over 10 percent to $489 a ton.
Exports to the U.S. grew fastest at 65.3 percent, followed by the Philippines, Vietnam’s top market, at 48.6 percent.
Domestic prices also fell as adverse weather affected rice quality and demand was low compared to previous months.
Exporters have slowed down purchases from farmers and await the peak harvest season.
Questions & Answers
Q.Why did the earnings from rice exports not increase as much as the export volume?
Why did the earnings from rice exports not increase as much as the export volume?
Despite a 20 percent increase in export volume, earnings only rose by 9 percent. This is because global rice prices have fallen by over 10 percent, averaging $489 a ton.
Q.Which countries saw the biggest increase in rice imports from Vietnam?
Which countries saw the biggest increase in rice imports from Vietnam?
Exports to the U.S. Grew the fastest, increasing by 65.3 percent. The Philippines, which is Vietnam's top market, followed with a 48.6 percent increase.
Q.What factors led to a decrease in domestic rice prices in Vietnam?
What factors led to a decrease in domestic rice prices in Vietnam?
Domestic rice prices fell due to adverse weather conditions affecting the quality of the rice. Also, demand within Vietnam was low compared to previous months.
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