HANOI, April 5 (Xinhua) -- Vietnam's rice exports surged 30.2 percent to 952 million U.S. dollars in the first quarter, its highest level in the past 12 years, due mainly to significant gains in prices and expanded demand, according to the Ministry of Agriculture and Rural Development.

Vietnam recorded a 19.3 percent year-on-year increase in its rice shipments in the January-March period to 1.8 million tons, the General Statistics Office reported.

The average export price in the January-March period is estimated at 531 U.S. dollars per ton, up 9.2 percent from a year before, said the Ministry of Industry and Trade, surpassing Thai prices by 15-27 dollars and Indian ones by 40-50 dollars.

Data compiled by the Vietnam Food Association showed Vietnamese rice export prices have been on a rising trend since late last year.

Prices of Vietnam's 5-percent broken rice quoted at 468-472 dollars per ton as of the end of March, up 5.6 percent from February, while premium-grade jasmine rice rose about 2 percent to 548-552 U.S. dollars per ton.

As buyers from the Philippines, China and Africa continue building up their inventories, Vietnam's rice exports are expected to grow further this year.

Persistent global uncertainty has prompted buyers into importing more rice to bump up their stockpiles, which in turn has driven the prices up, said Nguyen Ngoc Nam, chairman of the food association.

The picture on the demand side remains highly positive as the Philippines, Vietnam's largest rice export market last year, is forecast to import about 2.8 million tons of rice from Vietnam to shore up its reserve, which has dwindled due to unfavorable weather conditions and rising fertilizer prices.

Under a free trade agreement between Vietnam and the European Union (EU), the EU has offered access to Vietnamese rice exports via tariff rate quotas of 80,000 tons this year.

Besides, Indonesia's new plan to import 2 million tons of rice to ensure food supply, coupled with tight supply caused by India's ban on broken rice exports and a 20-percent tax levy on white rice varieties, would give Vietnam's rice exports a boost, authorities told local traders.

Vietnam aims at a 16-percent growth in 2023 rice export earnings to 4 billion dollars from shipments of 7 million tons. Enditem

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