Illustrative image (Photo: VNA)Hanoi (VNA) – Vietnam’s rice exports are predicted to reach just 6 million tonnes this year, lower than last year's figure due to limited supply and inventories, said businesses. According to the Ministry of Agriculture and Rural Development, Vietnam exported only 400,000 tonnes of rice worth 203 million USD in January 2023, down 20.9% in volume and 17.4% in value year-on-year. Vietnam shipped over 3 million tonnes of rice to the Philippines last year, accounting for 45% of the country’s total rice exports and more than 80% of the Philippines’ rice imports, he said. If the Philippines has high inventories, its import demand will drop. Moreover, Vietnam’s rice inventories had slumped as of late 2022, resulting in lower rice export volume this year, he said.

Source: Viet Nam News February 11, 2023 05:23 UTC