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Exports

Vietnam maintains robust rice exports despite Philippines' imports suspension

Strategic Insights

— 2 min read

Vietnam's rice exports to the Philippines, its largest market, are expected to remain strong in the coming months as the country's major buyers, including Ghana, Cote d'Ivoire, and Malaysia, will increase their imports to make up for the lost volume. In the first nine months, Vietnam exported 6.83 million tonnes of rice, earning $3.49 billion, down 2.05 per cent in volume and 19.98 per cent in value compared to the same period last year. In September, the country shipped 466,800 tonnes of rice worth $232.38 million, a 43.27 per cent drop in volume and 54.73 per cent in value compared to the same period last year. Ghana became Vietnam's largest rice buyer in September, accounting for 22 per cent of total exports, while Cote d'Ivoire and Malaysia were the second- and third-largest importers of Vietnamese rice, with market shares of 21 per cent and 10 per cent, respectively. In August, the Philippine government announced a two-month suspension of rice imports from Vietnam, but market analysts predict that overall exports will remain robust as Vietnam exports to other regions, including Bangladesh, China, and South Africa. Vietnam's rice exports are expected to exceed 8.2 million tonnes for the whole year, with the Philippines to review the situation and decide whether to reopen imports in 60 days.

Key Takeaways:

  • Vietnam's rice exports to the Philippines will remain strong due to increased imports from Ghana, Cote d'Ivoire, and Malaysia.
  • Vietnam exported 6.83 million tonnes of rice in the first nine months, earning $3.49 billion, down 2.05 per cent in volume and 19.98 per cent in value compared to the same period last year.
  • Ghana became Vietnam's largest rice buyer in September, accounting for 22 per cent of total exports.
  • Vietnam's rice exports to the Philippines dropped 43.27 per cent in volume and 54.73 per cent in value in September compared to the same period last year.
  • Vietnam expects to export 8.2 million tonnes of rice for the whole year.
  • The Philippine government announced a two-month suspension of rice imports from Vietnam in August.

Statistics:

  • 22 per cent: Vietnam's market share in September.
  • 6.83 million tonnes: Vietnam's rice exports in the first nine months.
  • $3.49 billion: Vietnam's rice exports earnings in the first nine months.
  • 43.27 per cent: Decrease in Vietnam's rice exports to the Philippines in September.
  • 54.73 per cent: Decrease in Vietnam's rice exports to the Philippines in value in September.
  • 8.2 million tonnes: Vietnam's expected rice exports for the whole year.

Sources:

  • Vietnam's Ministry of Foreign Affairs and International Cooperation
  • Philippine Rice Board
  • World Trade Organisation
  • Vietnam's Rice Exporters Association

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