Rice exports jump 20 pct
By Mei Ling Tan
1 min read
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.