Vietnamese rice exports to the Philippines last year exceeded the US$1 billion mark for the first time, according to statistics compiled by the General Department of Vietnam Customs. 

The department noted that the Philippines represented the largest consumer of Vietnamese rice last year, importing 2.22 million tonnes worth a total of US$1.06 billion, marking an increase of 4% in volume and 19.3% in revenue compared to figures from 2019.

Along with the large export volume to the Philippines, the export price of local rice to the Filipino market also witnessed a sharp increase over the past year with an average of US$476 per tonne, representing a rise of 14.7% in comparison to the previous year.

Throughout the year, Vietnam exported approximately 6.25 million tonnes of rice, grossing a turnover of US$3.12 billion, a decline of 1.9% in volume but an increase of 11.2% in turnover from 2019.

Furthermore, the Philippines continued to represent the largest consumer of Vietnamese rice, making up 35.5% of the total export volume and 33.9% of the nation’s total export turnover.