09:00 | 05/03/2015 Trade
Rice exports in the first quarter of 2015 is estimated at 900,000 tonnes, a significant annual decrease, according to the Vietnam Food Association Secretary Huynh Minh Hue.
Rice exports experience a significant annual decrease. (Photo: VNA)
In previous years the figure for the same period was normally 1.2-1.4 million tonnes, he said, adding that this year setback is attributable to the reduction of foreign orders at the end of 2014.
He also underscored a ripple effect may take place throughout the year, following the drop at the beginning of the year.
China has been one of Vietnam’s traditional markets but is now piding its demand among a number of rice exporters such as Thailand and Myanmar. China has also been tightening cross-border imports, leading to a number of difficulties for Vietnam.
In 2014, Vietnam lost 60 percent of the African market share, its biggest rice importer, due to price competition from Thailand. This year, as prices dip below those of Thailand, Vietnam has a good chance of market recovery.
Notably, the Ivory Coast and Ghana increased their rice import from Vietnam in January, accounting for more than 31 percent of Vietnam’s total rice shipments abroad in the month.