Vietnam's rice exports dwindle 18.4% in seven months

Vietnam exported 2.93 million tonnes of rice with a value of US$1.32 billion in the first seven months of the year, a year-on-year plunge of 18.4% in volume and 14.4% in value, according to the Ministry of Agriculture and Rural Development (MARD).

Rice for export (Photo: VNA)

Low rice production, caused by drought and saline intrusion in the Mekong Delta region, led to the fall in exports, the MARD said.

A significant decline in rice consumption was also seen in the Philippines (54.3%) and Malaysia (59.2%).

China remained the largest importer of Vietnamese rice, accounting for 35% of the market share. Indonesia was second with 11.6%.

The country’s rice export is estimated to fall to 5.65 million tonnes in 2016, down 14% against the previous year and 800,000 tonnes lower than initial forecasts. This stems from decreases in production and fierce competition from other exporters like Thailand and India.

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

(Source: NDO)