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Friday, June 21, 2024

Key drivers for rice market

By Trung Chanh

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Surging price volatility and fluctuating supply-demand dynamics have rocked the domestic and global rice markets, particularly in response to abrupt policy shifts by some nations. What key drivers will shape the rice market’s trajectory in 2024? Vietnam’s robust rice market in 2023 In 2023, Vietnam’s rice market experienced remarkable growth. According to data from the Ministry of Agriculture and Rural Development (MARD), farmers cultivated 7.1 million hectares of various rice varieties, yielding an impressive 43.11 million tons of rice. This marked a 0.45-million-ton increase compared to the previous year, showcasing the sector’s productivity. Since 2020, Vietnam’s rice sector has demonstrated stability, maintaining consistent production and harvest figures. The planted area fluctuated between 7.1 and 7.3 million hectares, while rice production consistently ranged from 42.66 to 43.86 million tons between 2020 and 2023. Notably, Vietnam’s rice exports reached record highs in 2023, in terms of both volume and value. The export trend had been steadily ascending since 2018, culminating in an outstanding performance in 2023 with 7.75 million tons of rice exported, valued at a staggering US$4.41 billion. Although the volume increase from January to November 2022 was a modest 640,000 tons, the export value witnessed a 27% surge. This growth […]
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