Rice export revenue hits new record of $5.05 bln

Vietnam had exported 8.05 million tons of rice as of November 15 this year, earning record revenue of $5.05 billion, according to the General Department of Vietnam Customs.

The figures represent a year-on-year increase of 9.46 per cent in volume and 21.49 per cent in value.

Growth was attributed to a higher export price of $626 a ton on average, up 12 per cent compared to the same period last year.

The Philippines remained Vietnam’s largest market in the first ten months of the year, accounting for over 46.9 per cent of total exports. By the end of October, it had imported nearly 3.64 million tons of rice from Vietnam, worth nearly $2.24 billion.

Other key markets include Indonesia, importing nearly 1.09 million tons of rice from Vietnam, worth over $655 million, and Malaysia, importing over 674 million tons, worth over $399.8 million.