Rice price surges 18 pct

Vietnam’s rice price in the first two months surged 18.2 percent year-on-year to $547.9 per ton, but with lower volume in most markets.

Total volume fell 29.4 percent to over 656,000 tons, according to Vietnam Customs.

The Philippines remained the largest importer but with volume down 28 percent year-on-year to 256,000 tons.

Other markets that saw volumes drop by double-digits include Malaysia (–75 percent), the United Arab Emirates (–56 percent) and E.U. (–23 percent).

China claimed second place with a 140-percent increase to 159,200 tons.

Strong rises in volume were seen in Taiwan, up 80 percent, and France, up 47 percent.

Vietnam’s rice exports grew by 9.3 percent last year to $3.07 billion, according to the Ministry of Industry and Trade.