Nine-month rice exports to Philippines hit nearly US$2 billion

With this robust growth, rice exports to the Philippines during the reviewed period exceeded last year's US$230 million, thereby turning this market into Vietnam's largest rice importer.

Statistics indicate that the total two-way trade turnover between the two countries during the nine-month period surged by 20% on-year to reach nearly US$6.5 billion.

Of the figure, exports increased by 20.7% to reach over US$4.6 billion and imports climbed to nearly US$1.9 billion, equivalent to the same period from last year.

In the last three months of the year, the Philippines' rice import demand is predicted to continue to enjoy an upswing due to rising domestic consumption demand and damages caused by natural disasters to year-end crop.

According to experts, the rice import volume from the nation in the fourth quarter could reach US$500 million.

Currently, the country has about 35 export items to the Philippines market. High growth rates were recorded in items such as rice, coffee,  pepper, fertilizers of all kinds,  iron and steel products,  phones and components, along with cameras, camcorders, and components.

With the current growth momentum, the total import-export turnover between the two sides will exceed US$8 billion for the first time this year, with the trade surplus reaching over US$3 billion.

Meanwhile, Vietnamese enterprises have won three lots with a quantity of 85,000 tonnes of rice, accounting for 17% in Indonesia's giant rice bidding package of 500,000 tonnes, according SSRicenews a website detailing changes in global rice trade.