1.31 million tons of rice exported in Q1

VGP – Viet Nam exported 1.31 million tons of rice, earning US$616 million during the first three months of 2014, according to the Ministry of Agriculture and Rural Development.

March 27, 2014 3:54 PM GMT+7

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In March alone, the country shipped 524,000 tons of rice abroad, gaining US$243 million in export revenue.

The export price of rice in February enjoyed a year-on-year increase of 8%, reaching US$486.5 per ton.

In the first two months of the year, Viet Nam’s rice sold to the Philippines saw a seven fold rise in quantity and 7.7 fold rise in value compared to the same period last year.

The Philippines has become Viet Nam’s largest rice importer, accounting for 46.95% of market share, followed by China (23.91%) and Hong Kong (3.8%).

The Viet Nam Food Association (VFA) forecasts that Viet Nam will export around 8 million tons of rice this year.

By Thuy Dung