March 27, 2017 23:23

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Vietnamese rice export in 2016 forecast to drop

20:48 | 19/07/2016

Vietnam rice export is estimated to drop to 5 65 million tonnes in 2016 down 14 percent against the previous year and 800000 tonnes lower than initial forecast.

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Vietnamese rice export in 2016 forecast to drop.

According to the Vietnam Food Association (VFA), this is the first time since 2009 Vietnam’s rice export may fall below 6 million tonnes.

At present, Vietnam’s big rice importers like the Philippines and Indonesia are showing no intention of buying more rice.

Meanwhile, the purchasing power of China, which accounts for nearly 35% of Vietnam’s export volume, is declining.

In addition, the export of Vietnamese rice is facing difficulties caused by fluctuations in exchange rates. The depreciation of euro is expected to affect exports to Africa, while the weak yuan also discourages Vietnamese businesses from shipping more rice to China.

A decrease in prices of Thai rice is also putting pressure on Vietnamese rice exporters.

VFA statistics showed that Vietnam shipped abroad 2.65 million tonnes of rice in the first half of this year, earning US$1.14 billion.

China remained Vietnam’s largest rice importer, accounting for 35% of the market share, followed by Africa and Indonesia.

The European Union and United States markets still accounted for small proportions in Vietnamese rice export.

Therefore, Vietnam should try to increase its rice export to these markets, noted the VFA.

As of late 2016, there are about 1.27 million tonnes of rice in stock.

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Source: VOV