Rice export revenue suffers from price drop Vietnam exported 5.56 million tonnes of rice and brought home 2.43 billion USD in the first 10 months of 2019, up 6.1 percent in volume but down 9.1 percent in value over the same period last year, according to the Ministry of Agriculture and Rural Development (MARD). The Philippines was the largest market of Vietnamese rice with 35 percent of the market share. The country spent 733.8 million USD to purchase 1.89 million tonnes of rice from Vietnam in the first nine months of this year, 2.9 times higher in volume and 2.6 times in value over the same period last year. According to the ministry, downward rice prices, which sometimes hit the bottom in 12 years, were the major reason behind the fall in rice export revenue in the period. On the average, rice price in the first nine months of this year was 435.6 USD per tonne, a drop of 13.4 percent year on year. According to Tran Cong Thang, head of the Institute of Policy and Strategy for Agriculture and Rural Development, Vietnam has faced difficulties in exporting rice to China as the neighbouring country has seen high rice stockpile… Read full this story
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