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After the Philippines temporarily halted imports, Ghana emerged as Vietnam's top buyer of rice in September, making up nearly 22% of total exports.

In the first nine months, Vietnam earned US$3.49 billion from the export of 6.83 million tonnes of rice, a decrease of 2.05% in volume and 19.98% in value compared to the previous year.

The nation shipped 466,800 tonnes of rice worth over $232.38 million in September alone, a significant decrease of 43.27% in volume and 54.73% in value from the same time last year.

With market shares of more than 21% and almost 10%, respectively, Côte d'Ivoire and Malaysia were the second and third-largest importers of Vietnamese rice, after Ghana.

Amid declining domestic rice prices, the Philippine government announced in early August that imports of rice would be suspended for two months starting on September 1. Nonetheless, market analysts anticipate that rising demand in other areas will keep overall exports strong.

One of Vietnam's primary buyers, the Philippines, will assess the situation in 60 days before determining whether to reopen imports, giving Vietnam enough time to modify the export pace.

With increased shipments to markets like Bangladesh, China, and South Africa, Vietnam's exports are predicted to surpass 8.2 million tonnes for the entire year, despite a brief halt in rice imports from the Philippines.

Source : ibtimes