Rice exports rise despite stockpiling amid pandemic
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Vietnam’s rice exports grew by 9.3 percent last year to $3.07 billion though it stockpiled the grain to ensure food security after Covid-19 broke out.
But volumes were down 3.5 percent to 6.15 million tons since the country stopped exports for over two weeks in March and April to ensure adequate domestic supply amid the pandemic.
The average price rose by 13.3 percent from the previous year to $499 per ton, the highest in years, the Ministry of Industry and Trade reported.
Vietnamese farmers and exporters are focusing on quality and getting higher prices by meeting import standards in markets like the E.U., South Korea and the U.S., it said.
Eighty-five percent of the country’s exports last year were considered to be of high quality, according to the General Statistics Office.
In 2019, Vietnam was the world’s third-largest rice exporter behind India and Thailand with shipments of $2.81 billion. Its biggest buyer was the Philippines.
Questions & Answers
Q.What was the total value of Vietnam's rice exports last year and how much did it increase?
What was the total value of Vietnam's rice exports last year and how much did it increase?
Vietnam's rice exports reached $3.07 billion last year, representing a growth of 9.3 percent. This occurred despite the country stockpiling grain for food security during the pandemic.
Q.Why did the volume of rice exports decrease last year despite the rise in overall value?
Why did the volume of rice exports decrease last year despite the rise in overall value?
Export volumes were down 3.5 percent to 6.15 million tons because Vietnam stopped exports for over two weeks in March and April. This was done to ensure adequate domestic supply during the pandemic.
Q.Which specific markets are Vietnamese farmers and exporters targeting for higher quality rice?
Which specific markets are Vietnamese farmers and exporters targeting for higher quality rice?
Vietnamese farmers and exporters are focusing on meeting import standards in markets such as the E.U., South Korea, and the U.S. This strategy aims to achieve higher prices for their rice.
Q.How did Vietnam's rice export ranking compare globally in 2019?
How did Vietnam's rice export ranking compare globally in 2019?
In 2019, Vietnam was the world's third-largest rice exporter, behind India and Thailand. Their shipments that year were valued at $2.81 billion, with the Philippines being their biggest buyer.
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