Vietnam’s rice exports rise 30%
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Vietnam’s rice export value rose 30.2% in the first quarter despite export volume falling 19.2%.
According to a Ministry of Agriculture and Rural Development report, the country shipped 1.79 million tons of rice worth $952 million abroad in the period.
The average export price reached $531 a ton, up 9.2% over the same period in 2022. The hike is mainly because shipments to China are recovering, and Indonesia is also buying more to build up national reserves.
At a conference on rice exports at the end of February, Nguyen Ngoc Nam, Chairman of the Vietnam Food Association (VFA), predicted that rice prices will remain high in the second quarter.
According to the UN Food and Agriculture Organization (FAO), many countries are at risk of drought in the second half of the year, so food production may decline. As a result, they are increasing the purchase of rice to ensure food security.
This is an opportunity for Vietnamese rice exports to benefit, said experts.
Questions & Answers
Q.What was the total value of Vietnam's rice exports in the first quarter, and how much rice was shipped?
What was the total value of Vietnam's rice exports in the first quarter, and how much rice was shipped?
Vietnam's rice exports were worth $952 million in the first quarter. The country shipped a total of 1.79 million tons of rice abroad during this period, despite a fall in export volume.
Q.Why did the value of rice exports increase despite a fall in volume?
Why did the value of rice exports increase despite a fall in volume?
The average export price reached $531 a ton, marking a 9.2% increase over the same period in 2022. This higher price per ton is the main reason for the increased export value.
Q.Which countries are contributing to the increased demand for Vietnamese rice?
Which countries are contributing to the increased demand for Vietnamese rice?
Shipments to China are recovering, and Indonesia is also buying more rice to build up its national reserves. These increased purchases are key factors driving the hike in export value.
Q.What is the prediction for rice prices in the upcoming quarter?
What is the prediction for rice prices in the upcoming quarter?
Nguyen Ngoc Nam, Chairman of the Vietnam Food Association, predicted at a conference in late February that rice prices will remain high in the second quarter. This is partly due to drought risks in the second half of the year.
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