HANOI, March 28 (Xinhua)-- Vietnam is expected to see a year-on-year increase of 41.6 percent in rice export volume and 40.8 percent in export revenue in the first quarter (Q1) of 2016, according to a report by Vietnam's Ministry of Agriculture and Rural Development (MARD) on Monday.
Specifically, the country is estimated to export some 1.59 million tons of rice worth 692 million U.S. dollars during the period, said the ministry.
In March alone, the country is likely to earn 274 million U.S. dollars from shipping 629,000 tons of rice abroad, local Bao Dau Tu (Vietnam Investment Review) online newspaper quoted the MARD report as saying on Monday.
Vietnam's average export price of rice in the first two months hit 433 U.S. dollars per ton, down 5.78 percent year-on-year.
During the two-month period, Indonesia became the largest consumer of Vietnamese rice with 31.42 percent of market share.
Vietnam exported 330,300 tons of rice worth 131.01 million U.S. dollars to Indonesia in January-February period, posting an increase of 213.1 times in volume and 196.3 times in value compared to the same period of 2015, said the report.
China ranked second with 17.15 percent of the market share. In two months, China consumed 160,690 tons of rice, worth 71.5 million U.S. dollars, up 39.2 percent in volume and 53.6 percent in value year-on-year.
During the two-month period, other markets of Vietnamese rice witnessed remarkable growth including the Philippines, Malaysia and the United Arab Emirates, among others, reported Bao Dau Tu.
Vietnam is one of the most important rice producers and exporters in the world. Rice plays the most important role among agricultural commodities in Vietnam in terms of food security, rural wages and employment, as well as export revenues.
Vietnamese rice has been present in 135 countries and regions worldwide.