VIETNAM RICE MARKET FOR RICE MARKET FOR 2018
According to the USDA’s November report, global rice trade will continue to grow at 1 percent to 42.3 million tonnes in 2018.
According to the latest statistics of the Export-Import Department (Ministry of Industry and Trade), Vietnam’s rice exports in the first 11 months of 2017 had a big win at USD 2.49 billion, output reached 5.52 million tons, an increase of 24 , 9% in value and 24.1% in volume over the same period last year.
The export rice structure continued to have a positive shift when the sharp decline in the middle and lower grade rice; Strong increase in high quality rice, high quality and value. Vietnamese rice has exported to 132 markets in the world, of which China continues to be the largest market.
In 2018, some forecasts show that the world rice market will be more active. According to the USDA’s November report, global rice trade will continue to grow at 1 percent to 42.3 million tonnes in 2018. If true to the USDA forecast, this is the third highest rice trade in world rice trade history, and 2018 is the second consecutive year that global rice trade has grown positively.
Recently, the National Food Authority of the Philippines (NFA) has proposed importing 350,000 tonnes of rice before entering its first harvest in 2018. The objective of the proposal is to increase the amount of rice reserved by the government. Philippines where the stock of NFA is very low, only enough for about 6 days, which is much lower than the specified level (15 days of normal use and 30 days at the time of harvest).
If approved, the above-mentioned 350,000 tons will help the NFA’s rice stockpile for 11 days. According to USDA forecasts, the two largest rice exporters in 2018 will continue to be India. India and Thailand. For Vietnam, the amount of rice exported in 2018 could increase by 400 thousand tons compared to 2017 to reach 6 million tons. Vietnamese rice exports will increase mainly due to demand in Southeast Asia, especially in the Philippines.
Although this is the proposal, the above information of the NFA, plus the fact that the country is implementing private imports of more than 805 thousand tonnes of rice under the MAV (Minimum Market Access Regulation) is making the market World rice, especially those in the region, is more vibrant in the last days of the year.
Source: Import-Export Department