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Friday, July 19, 2024

Vietnam still largest exporter of rice to Philippines

The Saigon Times

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HCMC – Vietnam has remained the largest rice exporter to the Philippines, supplying around 1.5 million tons of rice in the first five months of this year, according to the Ministry of Industry and Trade.

Statistics from the Philippines indicated that the country imported 1.5 million tons of rice from Vietnam during this period, representing 89.6% of its total rice imports. Vietnam’s rice exports to international markets reached 3.6 million tons in the period, with exports to the Philippines making up 42.3% of Vietnam’s total rice shipments.

Rice exports to the Philippines have contributed significantly to Vietnam’s export revenue, generating US$772.4 million from January to May, a 31.1% increase against the same period last year. Amidst the decline in exports across various sectors, rice has played a significant role in maintaining positive export growth for Vietnam.

The Vietnamese Trade Office in the Philippines anticipates a continued rise in the Philippines’ demand for rice imports throughout the remainder of this year and early next year.

In the first half of the year, Vietnam achieved substantial growth in rice exports, reaching 4.27 million tons and generating US$2.3 billion in revenue. This represents a 22.2% increase in volume and a 34.7% increase in value compared to the same period last year.

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