Rice export sets records in volume and value

Vietnam’s rice exports set a dual record for 2010 in terms of both volume and value.

The Ministry of Agriculture and Rural Development’s statistics showed that the country exported 6.88 million tonnes of rice worth US$3.23 billion in 2010, up 15.4 percent and 21.2 percent in value over 2009.

Vietnam’s traditional rice importers remained the Philippines, Malaysia and Indonesia.

In 2010, Indonesia became Vietnam’s third biggest rice importer, whose rice imports from Vietnam rose 24 times in volume and 30-fold in value against 2009.

Along with the world’s increasing demand, bad weather in numerous countries has caused a drop in food production, and this will drive up rice export price.

According to the Singapore-based Duxton fund management company’s forecast, the world rice price would triple the current one in the next 18 months.

Pham Van Bay, Vice Chairman of the Vietnam Food Association (VFA), said it is difficult to see a decline in rice price due to a big demand for the grain in the world in early year. The trend would keep, even lift the price higher. – Vietnam +

Tags: Vietnam rice, Vietnam rice exports, Vietnam rice exports 2010