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Vietnam still dominates Philippine rice import
Vietnam continues to assert its dominance as the top rice exporter to the Philippines, with 2.91 million tonnes shipped as of the late October, or over 79% of the Philippines' total rice imports, according to the Vietnam Trade Office in the Philippines.
The Rice Import Licensing Authority of the Philippine Department of Agriculture reported that the country imported a total of 3.68 million tonnes of rice as of the late October, significantly higher than the same period last year and already surpassing the total rice imports for the entire year of 2023, as estimated by the authority.
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Given this growth trajectory, it is projected that the Philippines' total rice imports for 2024 will exceed 4 million tonnes, potentially reaching up to 4.5 million tonnes.
To secure the sustainability of Vietnam's rice exports to the Philippines, the Vietnam Trade Office advised domestic exporters to prioritise stable rice quality while continually improving their products.
This strategic focus will not only boost export value but also mitigate price competition among companies.
KD Trading, a logistic company run by two Vietnamese-Canadians, has become the sole partner to distribute ST25 rice (Mr. Cua's rice) in the Canadian market.
Vietnam exported 6.16 million tonnes of rice in the first eight months of this year, up 5.9% over the same period last year, the Ministry of Agriculture and Rural Development (MARD) has said.
Vietnam's rice export prices have reached the highest levels globally, surpassing those of Thailand, Pakistan, and other major exporters, the Vietnam Food Association (VFA) has announced.
Rice was the Vietnamese product with the highest export value to Philippines in the first six months of 2024, with a turnover of $1.2 billion, up 41% over the same period last year.
Vietnam continued to be the top source of rice in Singapore, with 73.4 million SGD (over 54.6 million USD) worth of rice shipment to the nation during January-June, a year-on-year surge of 54.67%.
Rice exports could bring in a record turnover of 5 billion USD this year if the pace of shipment is maintained like at present, according to Vu Tuan Anh, CEO of GLE company, a rice exporter.
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