Exports of rice to China skyrocket in Q1

Vietnam's export of rice products to China enjoyed a four-fold increase during the first quarter of the year in comparison to last year, according to figures released by the General Department of Vietnam Customs.

The first quarter of the year saw the country export 162,000 tonnes of rice to China, accounting for 11% of the nation’s total export volume.

Most notably, Chinese rice importers have pushed the purchase price as high as possible when buying Vietnamese rice.

At present, the average export price of rice to the Chinese market has reached VND12.7 million per tonne, an increase of over VND1.7 million per tonne when compared to last year’s figures. Simultaneously, price of rice exports during the reviewed period stood at over VND10.7 million per tonne.

As a result, the northern neighbour’s import price from the nation is now far higher than that of the Philippines, the leading consumer of Vietnamese rice.

This sudden increase in rice imports from the country can be attributed to efforts made by China to meet their food shortages due to the novel coronavirus (COVID-19) pandemic.

Throughout the opening three months of the year, the northern neighbour has also moved to boost imports of computer products, electronic products and components, in addition to phones and components from domestic sources.

Statistics indicate that Vietnam's exports of computers, along with electronic products and components, to China enjoyed a year-on-year surge of 41% to US$2.5 billion.

Despite these positives, the country’s exports of seafood, crude oil, ores, and minerals to the Chinese market plummeted during the reviewed period.