HCMC – Vietnam saw a strong rise in rice export in the first two months of the year. The demand for the food staple is expected to be stronger.
Data from the Vietnam Food Association (VFA) showed that the country exported over 6.2 million tons of rice worth over US$3.2 billion last year. This volume edged down 0.19% while the price was US$526 per ton, up over US$27 year-on-year.
The Philippines was still the biggest buyer of Vietnamese rice in 2021 as it accounted for over 39% of Vietnam’s total rice exports. It imported over 2.4 million tons, up more than 10% against the year-ago figure.
In the first two months of this year, Vietnam shipped over 974,000 tons of rice overseas, worth over US$469 million, improving 49% in volume and 31% in value compared to the same period last year.
VFA said Thailand and India are the two main rice suppliers that would impact the global rice market this year.
The Thai Government forecast that the country’s rice export in 2022 will reach around 7-7.5 million tons. Thailand exported 6.3-6.5 million tons of rice in 2021 and 5.72 million tons in 2020. The U.S. Department of Agriculture also predicted that Thailand’s rice export will rise sharply this year thanks to its competitive export prices.
As for India, it exported 18 million tons of rice in 2021 and the figure is expected to increase in 2022. Large inventories and bumper yields buoyed by favorable weather conditions continue to be the main reasons behind India’s sufficient supply of rice at highly competitive prices.
Other thriving markets could also increase rice exports this year such as Bangladesh, Iran and Sri Lanka. Further, the European market may be also more active in the upcoming period thanks to benefits brought about by free trade agreements.