Rice exports aim high for fourth quarter

Domestic rice exporters are striving to export 1 million tonnes of rice in the fourth quarter, double that of the same period last year, to meet the annual export target of 4.6-4.7 million tonnes, according to the Vietnam Food Association (Vietfood).

Vietfood said domestic rice exporters have so far signed contracts to ship roughly 600,000 to 700,000 tonnes in the fourth quarter, and are seeking new customers in Africa and the Middle East to meet the target.

According to Vietfood statistics, in the first two weeks of October exports reached nearly 150,000 tonnes, lifting total rice exports this year to more than 3.7 million tonnes, down roughly 7.4 percent year-on-year. However, thanks to the high price of roughly 620 USD per tonne on average, nearly double that of last year, the country earned more than 2.2 billion USD from rice exports in the period, up roughly 90 percent over the corresponding period last year.

Vietfood said demand for rice in the global market currently remains stable while domestic rice yields are significant thanks to the recent bumper crop in the Mekong Delta region, the country’s largest rice granary.

September reports from the General Statistics Office also said paddy rice yield would increase roughly 7.2 percent to 38.6 million tonnes if the country’s autumn-winter crop, the final harvest for the year, was not negatively affected by bad weather or infestation.

However, Vietfood forecast rice prices would continue inching upwards for the rest of the year due to rising demand from the and Africa.

With exports at 4.5 million tonnes last year, became the world’s third largest rice exporter behind and .

Via: VNA