Vietnam - Biggest Rice Provider of Philippines

Vietnam remained the biggest rice provider of the Philippines in the first five months with turnover of $772.4 million. Photo: Bangkok Post

Vietnam remained the biggest rice provider of the Philippines in the first five months with turnover of $772.4 million, surging 31.1% year-on-year, said the Asia-Africa Market Department under the Ministry of Industry and Trade, citing data from the Philippine Bureau of Statistics.

This was also the record level of Vietnam's rice exports to the Philippines so far.

In the first five months, Vietnam exported 3.6 million tonnes of rice, with the Philippines accounting for 42.3% of the total.

In the last six months of the year, rice exports to the Philippines are forecast to continue to increase due to the impact of climate change and El Nino phenomenon that could severely affect domestic food production in the country of 113 million people, VietnamPlus said.

In the first five months, Vietnam exported 3.6 million tonnes of rice, with the Philippines accounting for 42.3% of the total. Photo: VNA

According to the department, for the remaining months of 2023 and 2024, it is expected that the Philippines' rice consumption and import demand will continue to increase. Therefore, to take advantage of the opportunity to increase exports to this market, businesses need to closely follow market developments and policies on rice trade.

Besides, businesses should actively coordinate with relevant Government agencies, ministries, branches and associations to promptly remove difficulties and obstacles arising in trade activities and participate in activities to promote exports to the Philippines.

Bangkok Post cited Thai Commerce Minister Jurin Laksanawisit as saying that Thailand's rice exports are likely to surpass 8 million tonnes this year, driven by higher global demand as countries rush to stock up to brace for the effects of the El Niño weather phenomenon.

He said the Philippines is expected to increase its rice purchases to 2-3 million tonnes, while Indonesia is expediting procurement of a substantial quantity of rice from both Thailand and Vietnam.

The Philippines is expected to increase its rice purchases to 2-3 million tonnes. Photo: Bangkok Post

Iraq is expected to import around 1 million tonnes this year, on par with 2022, said Jurin.

Last year Thailand shipped 7.69 million tonnes of rice, outperforming the ministry's target of 7.5 million tonnes. The ministry set a goal of 7.5-8 million tonnes of rice shipments this year.

Jurin noted that the baht is weaker, which makes Thai rice exports more competitive.

The important agricultural crops with high prices are fragrant paddy, Pathum Thani fragrant paddy, white rice paddy and glutinous paddy rice.

The Kasikorn Research Centre (KRC) predicted that the country’s total rice production this year will be between 32.7 and 33.2 million tonnes, including about 7.6 million tonnes from the second crop, which will be enough for domestic consumption and export. It also warned that the output may be lower if drought prolongs as a consequence of El Nino./.

Vietnam, Thailand Hold Second Energy Forum in Bangkok Thailand was an important investor in the energy field in Vietnam, explaining that its business was investing in wind, solar and thermal power plants in ...

Vietnam, Thailand Vow to Strengthen Cooperation in Different Spheres Vietnamese President Nguyen Xuan Phuc and Thai Prime Minister Prayuth Chan-o-cha agreed to enhance cooperation between the two countries in different areas during their talks ...

Vietnam, Thailand Promote People-to-People Exchange, Locality-to-Locality Collaboration Vietnam and Thailand have agreed on the need to further reinforce ties in such important areas as agriculture, transport, maritime cooperation, tourism, culture, education, people-to-people ...