Rice exports surge to new record
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According to the Ministry of Agriculture and Rural Development, Vietnam set a new record in rice export revenue in the first nine months of 2023 thanks to price increases.
The ministry has reported that the country earned US$3.66 billion from exporting rice in the period, up 40.4% year-on-year.
The result was attributed to the increasing price of Vietnamese export rice, and the decreasing rice supplies in many markets during the reviewed period, it said.
Vietnam’s average price of exported rice in the first three quarters reached $553 per tonne, a 14% increase over the same period in the previous year.
The Philippines was the largest buyer of Vietnamese rice products in the first eight months, accounting for 40.3% of the total rice export. China and Indonesia ranked second and third, accounting for 13.5% and 12.4%, respectively.
According to Vice General Director of the Export-Import Department under the Ministry of Industry and Trade Tran Thanh Hai, the price of exported rice is expected to remain high until the end of this year due to the continued demand for rice imports in major consuming markets such as the Philippines, China, Indonesia, Malaysia, and Africa. This is coupled with the limited supply of rice from leading rice exporters like India and Pakistan.
President of the Vietnam Food Association (VFA) Nguyen Ngoc Nam stressed that there is ample room for rice exports to grow, especially as the Philippines needs to import an additional 1.1 million tonnes, while Indonesia plans to buy 2.3 million tonnes by the end of the year.
China’s demand for rice imports is also forecast to increase in the remaining months of the year, Nam said.
Rice exporters are advised to have appropriate strategies to ensure the ability to meet exports.
Questions & Answers
Q.What is the main reason for Vietnam's record rice export revenue in the first nine months of 2023?
What is the main reason for Vietnam's record rice export revenue in the first nine months of 2023?
The record revenue was attributed to an increase in the price of Vietnamese export rice and a decrease in rice supplies across many markets during that period. The average export price rose by 14% year-on-year.
Q.Which countries were the largest buyers of Vietnamese rice during the reported period?
Which countries were the largest buyers of Vietnamese rice during the reported period?
The Philippines was the largest buyer, accounting for 40.3% of total exports in the first eight months. China and Indonesia ranked second and third, representing 13.5% and 12.4% respectively.
Q.What is the outlook for rice export prices for the rest of the year, according to the Ministry of Industry and Trade?
What is the outlook for rice export prices for the rest of the year, according to the Ministry of Industry and Trade?
The Ministry expects rice export prices to remain high until the end of the year. This is due to continued demand from major consuming markets and limited supply from leading exporters like India and Pakistan.
Q.Which specific countries are forecast to increase their demand for rice imports by the end of the year?
Which specific countries are forecast to increase their demand for rice imports by the end of the year?
The Philippines needs to import an additional 1.1 million tonnes and Indonesia plans to buy 2.3 million tonnes. China’s demand for rice imports is also forecast to increase in the remaining months.
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