Rice exports expected to hit $5B this year
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In 2023, the rice farming area nationwide is 7.1 million ha with productivity estimated at 6.08 tonnes of unmilled rice per ha and total output at 43.1 million tonnes, up about 420,000 tonnes from last year.
Some 7.75 million tonnes of milled rice was exported during the first 11 months of this year to bring home an estimated $4.41 billion in revenue, rising 16.2% and 36.3% year on year, respectively. Export prices averaged $568 per tonne, up 17.3%, according to the Department of Quality, Processing and Market Development under the Ministry of Agriculture and Rural Development (MARD).
The export volume has been kept at around 6 million tonnes and increased over years, with annual value continually topping $3 billion, statistics show.
At a workshop held in the Mekong Delta province of Hau Giang on Dec. 13, MARD Deputy Minister Tran Thanh Nam said the rice sector plays a crucial role in the agriculture of Vietnam and many other countries in the region and the world.
Domestic and international rice markets will remain vibrant in the time ahead due to big import demand from China, Indonesia, the Philippines, the Middle East, and Africa, he forecast.
Questions & Answers
Q.What is the expected total value of milled rice exports for the entire year?
What is the expected total value of milled rice exports for the entire year?
The article states that rice exports are expected to hit $5 billion this year. This figure is based on the strong performance seen during the first 11 months.
Q.Which countries are expected to drive the import demand for rice in the coming period?
Which countries are expected to drive the import demand for rice in the coming period?
Future import demand for rice is expected to be strong from China, Indonesia, the Philippines, the Middle East, and Africa. This demand is anticipated to keep markets vibrant.
Q.What was the average export price per tonne for milled rice during the first 11 months of this year?
What was the average export price per tonne for milled rice during the first 11 months of this year?
During the first 11 months of the year, the average export price for milled rice was $568 per tonne. This represented a 17.3% increase compared to the previous year.
Q.How much has the total output of unmilled rice increased from last year?
How much has the total output of unmilled rice increased from last year?
Total output of unmilled rice for this year is 43.1 million tonnes, which is an increase of approximately 420,000 tonnes from last year's figures. Productivity also saw an increase.
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