Vietnam outperforms Thailand in rice exports

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Vietnam rice exportVietnam exported 4.69 million tonnes of rice, worth some $2 billion in the first eight months of 2013, the Ministry of Agriculture and Rural Development said on August 28.  For the whole year, the ministry is expecting exports of about 7.5 million tonnes of rice.

To compare it with the formerly leading global rice exporter, Thailand: The kingdom exported just 2.9 million tonnes in the period from January to July 2013, as per the latest available figures, and forecasts to export just 6.5 million tonnes of rice in 2013.

Thailand, due to its controversial rice subsidy scheme, has manoeuvred itself in a situation where it is no longer competitive on the world markets and sells its rice too expensive. While world market prices stand at around $440 per tonne, Thailand is asking for around $570 a tonne to avoid losses.

Adding to this, the global rice price is further declining as traditional rice importers are well stocked. The price was down 3.2 per cent year on year in August 2013.

China was the biggest importer of Vietnamese rice exports, with over 1.47 million tonnes, accounting for 32.8 per cent of the total rice export value during the period and up by 9.6 per cent. Demands for Vietnamese rice exports from other markets also increased, including Singapore (up 62.8 per cent), Angola (23.1 per cent), Ghana (28.4 per cent) and Hong Kong (17.3 per cent) .

Thailand, on the other hand, sits on 17 million tonnes of rice stock and is desperately trying to sell the staple off through government-to-government contracts. According to the Thai rice association, around 30 per cent of commercial rice brokers in the country have already gone out of business.

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Reading Time: 1 minute

Vietnam exported 4.69 million tonnes of rice, worth some $2 billion in the first eight months of 2013, the Ministry of Agriculture and Rural Development said on August 28.  For the whole year, the ministry is expecting exports of about 7.5 million tonnes of rice.

Reading Time: 1 minute

Vietnam rice exportVietnam exported 4.69 million tonnes of rice, worth some $2 billion in the first eight months of 2013, the Ministry of Agriculture and Rural Development said on August 28.  For the whole year, the ministry is expecting exports of about 7.5 million tonnes of rice.

To compare it with the formerly leading global rice exporter, Thailand: The kingdom exported just 2.9 million tonnes in the period from January to July 2013, as per the latest available figures, and forecasts to export just 6.5 million tonnes of rice in 2013.

Thailand, due to its controversial rice subsidy scheme, has manoeuvred itself in a situation where it is no longer competitive on the world markets and sells its rice too expensive. While world market prices stand at around $440 per tonne, Thailand is asking for around $570 a tonne to avoid losses.

Adding to this, the global rice price is further declining as traditional rice importers are well stocked. The price was down 3.2 per cent year on year in August 2013.

China was the biggest importer of Vietnamese rice exports, with over 1.47 million tonnes, accounting for 32.8 per cent of the total rice export value during the period and up by 9.6 per cent. Demands for Vietnamese rice exports from other markets also increased, including Singapore (up 62.8 per cent), Angola (23.1 per cent), Ghana (28.4 per cent) and Hong Kong (17.3 per cent) .

Thailand, on the other hand, sits on 17 million tonnes of rice stock and is desperately trying to sell the staple off through government-to-government contracts. According to the Thai rice association, around 30 per cent of commercial rice brokers in the country have already gone out of business.

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