Vietnam's rice exports leap to 12-year high in Q1

HANOI (Xinhua): Vietnam's rice exports surged 30.2 per cent to US$952 million in the first quarter, its highest level in the past 12 years, due mainly to significant gains in prices and expanded demand, according to the Ministry of Agriculture and Rural Development.

Vietnam recorded a 19.3 percent year-on-year increase in its rice shipments in the January-March period to 1.8 million tons, the General Statistics Office reported.

The average export price in the January-March period is estimated at $531 per tonne, up 9.2 per cent from a year before, said the Ministry of Industry and Trade, surpassing Thai prices by $15-27 and Indian ones by $40-50.

Data compiled by the Vietnam Food Association showed Vietnamese rice export prices have been on a rising trend since late last year.

Prices of Vietnam's 5-per cent broken rice quoted at $468-472 per tone as of the end of March, up 5.6 per cent from February, while premium-grade jasmine rice rose about two per cent to $548-552 per tonne.

As buyers from the Philippines, China and Africa continue building up their inventories, Vietnam's rice exports are expected to grow further this year.