Rice exports to Russia shoots up 700 percent

Update: 17:36 | 22/06/2017
Vietnam exported more than 14,700 tonnes of rice worth 5.56 million USD in the first five months of this year to Russia, a year-on-year increase of 707 percent in volume and 662.6 percent in value, according to statistics from the General Department of Vietnam Customs.
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In the period, the country raked in 1.1 billion USD from shipping nearly 2.4 million tonnes of rice abroad, up 1.1 percent in quantity and 0.2 percent in revenue from the same time last year.

The country saw a robust growth in the rice shipment to China - its largest rice consumption market. Nearly 1.1 million tonnes of rice were sold in the country at 488 million USD, up 33.6 percent in volume and 31 percent in value. The amount accounted for 46 percent of the country’s total rice exports.

Expansion in Vietnamese rice exports was also seen in the Philippines and some European countries like Ukraine, Belgium and France.

However, the country’s rice shipments experienced steep fall from 40-99 percent in Hong Kong (China), Taiwan (China), Indonesia, Poland and Turkey.

The price of Vietnamese export rice has hit a three-year hight thanks to the rising import demands and the restricted supply source.

rice exports to russia shoots up 700 percent
Rice exports to Russia shoots up 700 percent. (Photo: hanoitimes).

According to the Ministry of Industry and Trade, the demand for Vietnam’s 5 percent broken rice, has been rising, hitting 390 USD per tonne in the early days of June, against 360 USD per tonne to 380 USD per tonne in late May.

This is the highest price since December 2014, the ministry said, attributing it to the rising global demand for rice imports, especially in the Asian region.

The export price rise has also caused the paddy price in the domestic market to soar. A tonne of 5 percent broken rice in the domestic market stood between 7.65 million VND (340 USD) and 7.75 million VND in early June, up 550,000 VND (24 USD) per tonne against last month.

The global rice market has been heating up after top importing countries, such as Bangladesh and the Philippines, announced to import roughly 950,000 tonnes of rice recently.

Experts have forecast that the global rice price will increase by roughly 20 USD per tonne in the next three months.

They have advised rice exporting enterprises not to sell the crop in a hurry, hoping that the price of 5 percent broken rice would increase to at least 400 USD per tonne.

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(Source: VNA)