Rice exports increased sharply, the highest price in many years

Contrary to the downtrend of many agricultural products, rice exports have risen sharply after the Government allowed normal rice exports to resume on May 1.

This is the premise for many rice enterprises to restore production, negotiate contracts and increase exports (exports). The Ministry of Industry and Trade estimates that Vietnam's rice export in May 2020 increased sharply by 47% in volume and 55.3% in value compared to April 2020, and increased by 11.7% in volume and 35, 7% in value over the same period in 2019, reaching 750 thousand tons, worth 395 million USD.

Notably, Vietnam's rice export price in May 2020 also increased to the highest level in many years with an average price of 527 USD / ton, up 5.6% compared to April 2020 and up 21, 4% over the same period in 2019. In the first 5 months of 2020, Vietnam's rice export price has increased by 13% over the same period in 2019, reaching an average of USD 485 / ton.

With competitive prices and a sharp increase in exports after quota removal, Vietnam has a great opportunity to surpass Thailand in global rice exports this year. According to the Ministry of Commerce of Thailand, the country's rice export in the first 4 months of 2020 was only 2.11 million tons, worth 43.046 million baht (1.387 billion USD), a sharp decline of 32.1% in volume and 15.7%. in terms of value compared to 3.11 million tons worth 51.07 million baht (1.62 million USD) of the same period in 2019.

In addition, rice exports are facing great opportunities when the Vietnam - EU Free Trade Agreement (EVFTA) is about to take effect. According to enterprises exporting rice, EVFTA may not cause a sharp increase in rice export turnover, but it will be a great opportunity to diversify the market for export rice. Being in one of the world's most demanding markets is also an opportunity for Vietnamese rice to promote its brand and gain access to many other markets.

According to the Vietnam Food Association, although the rice export quota to the EU is only 80,000 tons, the rice exported to this market is a high quality product. In particular, the standards of the EU market are very high, so when Vietnamese rice enters the EU, the position will be more advanced in the international market.

Along with EVFTA, in 2020, a number of other advantages also came to Vietnamese rice when in the framework of bilateral consultations with South Korea about its tariff on rice products under the WTO, Vietnam signed a contract with South Korea. two documents are the multi-party agreement between Korea and five WTO partners (including Australia, the United States, China, Thailand and Vietnam), on the allocation of tariff quotas; Letter of bilateral exchange between Vietnam and South Korea on allocation of tariff quota.

Accordingly, starting from January 1, 2020, besides allocating 20 thousand tons of rice to all WTO members, South Korea will give Vietnam its own quota of 55,112 tons of rice. The amount of quotas allocated to Vietnam includes the types of rice that Vietnam can grow and export.

According to the US Department of Agriculture's forecast, world rice production in 2020 is estimated at 496 million tons, down 0.6% compared to 2019, while world rice consumption reaches 490 million tons, an increase of 0.9%. % compared to 2019. Not to mention the world is coping with the COVID-19 epidemic so many countries have increased purchasing rice stocks.

The US Department of Agriculture also forecast that in the 2020/2021 crop, the global rice area will increase by 1.5% compared to the previous crop and reach 163 million hectares. The area is only 0.3 million ha lower than the historic high recorded in 2016/2017.

With the above area, plus the increase in average productivity worldwide, the global rice production in 2020/2021 is expected to reach a record of 502 million tons, an increase of nearly 2% compared to the previous forecast and increased by about 3.8 million tons from the previous crop.

Global rice trade in 2021 is forecast to reach 45.2 million tons, an increase of more than 5% compared to 2020, but still below 3 million tons of a record 48.1 million tons in 2017. US Department of Agriculture Also forecast that rice exports of Thailand, Vietnam, Australia, Cambodia and China will increase in 2021.

Regarding imports, the Philippines is expected to increase imports by 800,000 tons in 2021. Markets such as Nigeria, Saudi Arabia and the United Arab Emirates are forecast to increase imports by 200,000 tons of rice each country ...

In the coming time, the Ministry of Industry and Trade will continue to work, discuss and coordinate closely with the ministries, branches, localities and Vietnam Food Association to implement measures and solutions to create favorable conditions. Most favorable for rice export activities (procedures, logistics, credit ...).

Notably, the Ministry of Industry and Trade will closely monitor the situation of domestic and international rice supply and demand; forecast movements of exporting countries, major rice importers in the world, changes in epidemics and natural disasters to promptly respond to changes and report to the Prime Minister for consideration and decision on appropriate management plans. in line with the new stable situation in the context of disease outbreaks.

Source: http://baochinhphu.vn/Thi-truong/Xuat-khau-gao-tang-manh-gia-cao-nhat-trong-nhieu-nam/397341.vgp

Rice exports increased sharply, the highest price in many years

Rice exports increased sharply, the highest price in many years

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