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Friday, June 21, 2024

Vietnam sets new record for rice exports in 2023

The Saigon Times

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HCMC – Vietnam achieved an all-time high in rice export value in the first nine months of this year, driven by the increasing prices of exported rice, reported the Ministry of Agriculture and Rural Development.

Between January and September, Vietnam earned US$3.66 billion from rice exports, up a substantial 40.4% compared to the same period the previous year. This achievement surpasses the previous record set in 2011 at US$3.65 billion.

The impressive results can be attributed to the rising prices of Vietnamese export rice and a reduction in rice supplies across various markets during this period.

Vietnam’s average price of exported rice in the first three quarters remained high, at US$553 per ton, which was 14% higher than in the same period last year. At certain points, it even reached nearly US$650 per ton.

The Philippines emerged as the largest buyer of Vietnamese rice products in the first eight months, accounting for 40.3% of the total rice exports. China followed as the second-largest buyer with a share of 13.5%, followed by Indonesia.

In addition, several EU countries, including Poland, the Netherlands, Spain and Belgium, along with various African nations, increased their imports of Vietnamese rice during this period.

Tran Thanh Hai, vice general director of the Export-Import Department under the Ministry of Industry and Trade, expects that the price of exported rice will remain high until the end of this year due to strong demand for rice imports in major markets and restricted rice supplies from leading rice-exporting nations like India and Pakistan.

According to Nguyen Ngoc Nam, president of the Vietnam Food Association (VFA), there is significant potential for further growth in rice exports, prompting Vietnamese exporters to implement effective strategies to capitalize on this opportunity.

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