The opening five months of the year noticed the Philippines top the listing of clients of Vietnamese rice, buying around 1.3 million tonnes for US$598.6 million, annual will increase of 23% in volume and over 42% in value.
Moreover, strong increase became additionally recorded in different markets such as Senegal, with an 18.3-fold boom, Indonesia, up 2.nine times, and China, with a 2.3-fold rise. Indeed, the average export price of rice at some point of the 5-month duration stood at US$485 in step with tonne, a upward thrust of 13% on-year.
The Philippines retained its main position as the high client of Vietnamese white rice, accounting for 63.6%, accompanied by way of Malaysia with 12.6%, and Ghana with 2.nine%.
In relation to the global market, Thailand’s rice export price in June saw a mild increase in comparison to May, inflicting Thai rice to emerge as less competitive when as compared to different essential exporters including India and Vietnam.
According to the Agrotrade, there are lots of bright potentialities for Vietnamese rice exports in advance once the upcoming European Union-Vietnam Free Trade Agreement (EVFTA) comes into force in August this year
In line with the commitments set out in the EVFTA, the EU will give the united states of america a quota of 80,000 tonnes of rice per year, with the tax rate for rice being slashed to 0% over the path of the next three to five years following the discount roadmap.
Trusted from VOV