Rice exports to Russia jump in Q1
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Vietnam’s rice exports surged 2.6 times year-on-year to over US$553,000 in Q1, according to Vietnam Customs.
The grain was one of Vietnam’s few exports to Russia that increased in the first quarter as the Russia-Ukraine crisis impacted other suppliers. It was one of only eight export items that saw increases out of 23.
Overall exports to Russia fell by 29.1 percent to $543.8 million.
The others to achieve positive growth included rubber, up 60.2 percent to $7.2 million, machinery, equipment, coffee, and iron and steel, which were 4-40 percent higher.
But many Vietnamese exporters see the writing on the wall which is the crisis and Western sanctions starting to disrupt trade.
They need to closely monitor and follow news from Russian banks on new regulations and payment channels as the country has been removed from the SWIFT international financial system.
Questions & Answers
Q.What was the total value of Vietnam’s exports to Russia in Q1?
What was the total value of Vietnam’s exports to Russia in Q1?
Overall exports from Vietnam to Russia amounted to $543.8 million in the first quarter. This figure represents a decrease of 29.1 percent compared to the same period last year, despite some items seeing growth.
Q.Which other Vietnamese products, besides rice, saw increased exports to Russia in Q1?
Which other Vietnamese products, besides rice, saw increased exports to Russia in Q1?
Other products that saw increased exports included rubber, which was up 60.2 percent to $7.2 million. Machinery, equipment, coffee, and iron and steel also experienced positive growth, ranging from 4-40 percent.
Q.Why are Vietnamese exporters concerned about trade with Russia, despite some export growth?
Why are Vietnamese exporters concerned about trade with Russia, despite some export growth?
Exporters are concerned because the Russia-Ukraine crisis and Western sanctions are starting to disrupt trade. Russia's removal from the SWIFT international financial system means they must monitor new regulations and payment channels closely.
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