Developing Countries Will Lead Global Rice Import Growth in 2013-22, Says USDA Rice growers positive California MG prices are UP Russia MG Harvest coming to end Egypt open rice exports Vietnam’s rice export in tough competition with India Thai rice exports in May Rise Above Target This Year Viet-Nam Rice exports likely to fall this year
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Vietnam’s rice export in tough competition with India
Vietnam used to be seen as a strong candidate for the world’s top rice exporter, but now the title has gone to India and the competition for this position will be tougher for Vietnam.

Statistics shows that Vietnam exported some 1.5 million tons of rice in the period from October 2011 to January 2012, while India recorded a hefty volume of 2.7 million tons. According to Reuters, India’s rice reserves have amounted to 31.8 million tons, equivalent to the global trade volume.

Previously, while Thailand’s rice export was sharply dragged down by floods and the country pledged to subsidize the rice prices for farmers, Vietnam was enjoying favorable conditions with abundant amount of export contracts signed with Indonesia and Bangladesh. Such contracts ensure rice prices not to plunge, though the country is entering harvest season of the winter-spring rice crop with the estimated volume of three million tons of commercial rice.

However, the situation has made a 180-degree reversal in early 2012 as marked by the Vietnam Food Association (VFA) lowering the floor export price to lure buyers. According to the statistics of VFA, only 1.2 million of rice has been signed for export in the year’s first half, mostly by Vietnam Southern Food Corporation (Vinafood 2).

A senior official from VFA predicted it is unlikely that local enterprises will sign more export deals in the first six months of 2012. Meanwhile, the domestic rice output may reach 3.5 million tons in the winter-spring crop, some 50-60% of which is the low-grade rice IR 50404, said the Ministry of Agriculture.

VFA’s announcement to buy rice for temporary storage from March 15 is considered a situational measure to maintain rice prices. The radical solution is the output for export in the context that Vietnam cannot compete with India in the low-grade rice segment.
MGR Archive 24.2.2012
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