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| Illustrative photo (Source: congthuong.vn) |
Vietnam's rice export turnover to the Philippines in the first 5 months of 2023 reached USD772.4 million, up 31.1% from the same period in 2022.
Rice was the main commodity that helped Vietnam's export turnover to the Philippines in the first 5 months of 2023 maintain a positive growth rate, in the context that exports of many other commodities tended to decline.
The Philippines' rice imports increased sharply to meet the demand for consumption as well as to store to cope with weather uncertainties when the El Nino phenomenon returns, leading to drought, and hot and dry conditions that can have a severe impact to domestic food production.
According to the Philippine Office of Statistics, the country's rice imports in the first 5 months of 2023 increased by nearly 7.7% over the same period in 2022.
In addition to the increased import demand, El Nino also contributed to the increase in world rice prices as many countries began to stockpile food. These are some of the main factors leading to positive growth in both volume and value of Vietnamese rice exports to the Philippines.
The Asia-Africa Market Department said that, in addition to market factors, the activities of the Government and the Ministry of Industry and Trade to promote rice trade cooperation with the Philippines for many consecutive years continue to play an important role in helping Vietnamese rice maintain its leading position in this traditional market.
Through high-level and ministerial-level exchanges, Vietnam has repeatedly affirmed its goodwill to supply a stable source of rice to the Philippines to contribute to ensuring food security for the country, especially during periods of epidemics and natural disasters.
The Ministry of Agriculture and Rural Development, the Ministry of Industry and Trade, the Trade Office of Vietnam in the Philippines, the Vietnam Food Association and rice export businesses have also coordinated regularly and effectively in recent years in many successful activities to remove difficulties and promote trade.
According to the Ministry of Industry and Trade, in the last months of 2023 and in 2024, demand for rice consumption and import of the Philippines is expected to continue to increase.
Data from the General Department of Customs shows that, in the first 5 months of 2023, Vietnam exported 3.62 million tons of rice, thereby earning more than USD1.9 billion, up 31% in volume and more than 40% of export turnover from the same period in 2022./.