Despite rising tensions in the East Sea, China remains Vietnam’s most important market for rice exports, accounting for over 40% of the market share.
Rice exports to China account for 41.75% of total rice exports
Statistics from the Ministry of Agriculture and Rural Development show that Vietnam exported 591,000 tonnes of rice, worth USD259 million, in May. The figures brought the country's rice exports during the first five months of the year to 2.65 million tonnes, or USD1.19 billion. This figure is down 10.2% in terms of volume and down 7.3% in terms of value from last year.
The price of exports averaged at USD456.19 per tonne during the first four months of the year, up 4.4% compared to the same period last year.
Currently, China is still the biggest importer of Vietnamese rice. China imported 913,957 tonnes of rice from Vietnam, worth USD392.46 million, between January and April, up 2.39% on-year in terms of volume and up 4.94% on year in terms of value.
Vietnam’s rice exports to China during the first four months of this year accounted for 41.5% of total rice exports, up 3.35% from last year.
Rice exports to the Philippines, the second largest importer of Vietnamese rice, during the first four months of this year increased by 5.26 times in terms of volume and up 5.79 times in terms of value from the same period last year.
The Philippines accounted for 18.66% of Vietnam's total rice exports during the period.
The Vietnam Food Association (VFA) forecast that the country’s rice exports may face more difficulties this year due to fierce competition from Thailand.
