Vietnam’s Turnover From Rice Exports Soared In March To Reach $480 Million, An Increase Of 82.6% In Comparison To Last Month
Located in Southeast Asia, Vietnam is the third largest rice exporter in the world. More than 150 countries and territories across the globe depend upon Vietnamese rice for meeting their domestic consumption needs and the Asian nation commands a 15 per cent share in the global rice trade.
China and the Philippines are the major rice importers in Asia for Vietnam and owing to surge in orders from China and Indonesia, Vietnam’s rice exports grew in March, with export turnover reaching $480 million, an increase of 82.6 per cent in comparison to last month.
Surge In Orders For Vietnamese Rice From China And Indonesia
A look at the data reveals that Vietnam’s rice exports to China, during the first two months of 2023 brought a turnover of $90 million. The waning impact of covid-19 and recovery in the market, is presenting Vietnam fresh orders for rice exports.
Talking of Indonesia, the country imported $67.3 million worth of rice from Vietnam to meet its domestic needs during the first two months of 2023, which is 30.532 per cent higher in comparison to same period a year ago. The nation’s plan to import 2 million tonnes of rice in 2023 to stabilize the price of the commodity in the domestic market, support 21.53 million poor households and utilize it for other purposes is also providing an excellent opportunity to Vietnam to boost its rice exports.
All these factors are supporting the prices of Vietnamese rice. Market analysts believe that Vietnam’s rice is unexpectedly selling for good price in Asian markets. Presently, Vietnam’s 5 per cent broken rice is selling at $450 per tonne, an increase of $5 per tonne in comparison to February.
The Bottom Line
Ranking behind India and Thailand, Vietnam is the third largest rice exporting country in the world and fresh orders from China and Indonesia have helped the Asian nation export record volumes of rice in March.
According to the Ministry of Agriculture and Rural Development (MARD), Vietnam’s rice exports after witnessing negative growth rates in the first couple of months, have soared unexpectedly in March, with export turnover reaching $480 million thanks to increase in orders from China and Indonesia.
A look at the data reveals that Vietnam exported 1.79 million tonnes of rice by the end of March and the increasing demand for high-quality Vietnamese rice particularly from Asia and Europe is providingVietnamese rice exporters an unique opportunity to grow their business in general and their revenue in particular.
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