Philippines Remains Vietnam’s Top Rice Buyer Despite Export Decline – Cam Rice

In the first month of 2021, the total amount of Vietnamese rice exported to markets has turned down from the previous month as well as the same period last year. Particularly, the Philippines, despite a sharp decline compared to the previous month, continues to remain the largest rice "eating" market of Vietnam in January 2021.

Transfer rice to warehouse at Ba Dac wholesale market, Cai Be district, Tien Giang province. Photo: Trung Chanh

Although the rice export price of Vietnam in the first month of 2021 increased, but due to the decrease of 36.4% in Vietnam's rice export volume (reaching nearly 348,000 tons in January 2021), the export turnover also decreased by 34.2 % (reaching nearly 192 million US dollars in January 2021) compared to December 2020 and decreased 15.4% in volume and 2.4% in value compared to the same period last year. of the General Department of Customs showed that, in January 2021, Vietnam's rice export price reached 551.7 USD / ton, up 3.4% compared to December 2020 and up to 15.4% over with the same period last year.

Talking to Saigon Economic Times Online, Director of a rice exporter in the Mekong Delta said that at the beginning of the year, the demand for importing rice of key countries is usually low, while the recent selling price is also high. such as transport problems have a resonance effect, leading to the "cooling" rice export.

However, according to his forecast, in 2021, Vietnam's rice export will likely continue to be successful, because the market demand in 2021 is still high. "In particular, when Vietnam has shaped the main rice segment that is competitive compared to fragrant Thai rice, but is more dominant than cheap rice from India and Pakistan", he said.

In the context of a drop in rice exports in the first month of the year, the Philippines, though still maintained as the largest rice "eating" market in Vietnam like last year, is still not out of that trend, which means a very strong decrease.

Accordingly, in the first month of 2021, the total volume of rice sold separately to the Philippines reached nearly 170.00 tons with a value of over US $ 91 million, down 38.73% in volume and 37.46% in value compared to December- 2020. The Philippines accounted for 48.85% of the total volume and 47.62% of the country's total rice export value in the first month of 2021.

Next is the Chinese market with the volume of exports to here in January 2021 reaching nearly 58,000 tons with a value of over US $ 30 million, down 1.17% in volume and 3.91% in value. with December 2020. China accounted for 16.63% in volume and 15.7% in value of the country's total rice exports in the first month of 2021.

Ghana is the third largest rice importer of Vietnam in January 2021 with a volume of over 39,000 tons and a value of over US $ 23 million, accounting for 11.31% in volume and 12.09% in value. total rice exports of Vietnam in the first month of 2021.

In addition to the above markets, the preliminary statistics of the General Department of Customs showed that Vietnam's rice exports in the first month of 2021 had an increase or decrease in different markets. However, in general, the country's rice export has decreased as mentioned above.

Although Vietnam's rice export decreased, but due to the low supply, the price of rice in the domestic market is still "anchored" at a very high level.

Specifically, fresh IR 50404 rice traded on the market fell to about 6,700-6,900 VND / kg; Fresh OM 18, OM 5451, Dai Thom 8 rice were traded at VND 6,800-7,000 / kg. However, the price that traders deposit to harvest after 10-15 days is about 100-200 VND / kg lower.

Source: https://bitly.com.vn/8pai9p