Rice exports rise despite stockpiling amid pandemic

Vietnam’s rice exports grew by 9.3 percent last year to $3.07 billion though it stockpiled the grain to ensure food security after Covid-19 broke out.

But volumes were down 3.5 percent to 6.15 million tons since the country stopped exports for over two weeks in March and April to ensure adequate domestic supply amid the pandemic.

The average price rose by 13.3 percent from the previous year to $499 per ton, the highest in years, the Ministry of Industry and Trade reported.

Vietnamese farmers and exporters are focusing on quality and getting higher prices by meeting import standards in markets like the E.U., South Korea and the U.S., it said. Eighty-five percent of the country’s exports last year were considered to be of high quality, according to the General Statistics Office.

In 2019, Vietnam was the world’s third-largest rice exporter behind India and Thailand with shipments of $2.81 billion. Its biggest buyer was the Philippines.

Author Name: https://www.retailnews.asia/rice-exports-rise-despite-stockpiling-amid-pandemic/