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Vietnam's rice exports hit a remarkable 6.16 million tonnes in the first eight months of the year, reflecting a 5.9% increase compared to the same period last year, according to the Ministry of Agriculture and Rural Development (MARD). This surge highlights the country's growing prominence among the major rice exporters in the global market.
Revenue Reaches Nearly $3.85 Billion:
Revenue from rice exports soared to nearly $3.85 billion during the period, marking a robust year-on-year growth of 21.7%. This significant revenue boost underscores the increasing value of Vietnam's rice exports, contributing to the nation's foreign exchange reserves and economic stability.
Rising Prices Drive Export Value:
In addition to increased export volumes, the average rice export price also climbed by 14.8%, reaching an impressive $625 per tonne. This price hike suggests a tightening global rice supply or heightened demand for premium varieties of Vietnamese rice.
Stability in Domestic Market Prices:
Despite the surge in export activity, rice prices in the domestic market of Vietnam's Mekong Delta region remained stable during the same period. According to local reports, prices for popular rice varieties, such as Dai Thom 8, OM 5451, and OM 18, showed no significant changes, reflecting steady supply and demand in the local market.
Mekong Delta Rice Prices Hold Steady
In the Mekong Delta province of An Giang, prices for popular varieties remained unchanged from the previous week. Regular rice is currently priced between 15,000 VND ($0.62) and 16,000 VND ($0.64) per kilogram, while fragrant long-grain rice varieties are sold for around 20,000 VND ($0.80) to 21,000 VND ($0.84) per kilogram.
Growing Global Demand for Vietnamese Rice
The rise in both rice export volumes and revenue signals strong global demand for Vietnamese rice. Vietnam has established itself as a key player in the global rice market, particularly with the growing appeal of its premium varieties like fragrant rice.
Boosting Vietnam's Economy
The substantial 21.7% increase in export earnings contributes to the country's economic growth, helping to bolster foreign exchange reserves and improve the trade balance.
Premium Pricing Reflects Global Trends
The 14.8% rise in the average export price highlights the changing dynamics of the global rice market, where tighter supplies or rising demand for higher-quality rice are pushing prices upward. Vietnam's ability to command such prices enhances its competitiveness in the international arena and gives a stern competition to global rice exporters.
Conclusion:
In conclusion, Vietnam's rice export surge to 6.16 million tonnes in eight months underscores the nation's growing influence in the global market. With rising demand, higher prices, and significant revenue growth, Vietnam is poised to strengthen its economic position while maintaining stability in its domestic rice market.
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