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Wednesday, June 19, 2024

Vietnam’s 2024 rice exports seen beating target

By Truc Dao

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HCMC – Vietnam’s rice exports this year are forecast to beat the earlier projection of 7.6 million tons, heard a conference on rice exports held on April 26.

A representative from the Vietnam Food Association said that rice exports are expected to reach 4.3 million tons in the first half of 2024. With the export volume already surpassing three million tons in the first four months, it is highly likely that Vietnam’s rice exports will exceed the initial projections.

Data from the General Department of Vietnam Customs indicated that between January and March 2024, rice exports totaled over 2.18 million tons, with an average selling price of US$653.9 per ton. This marks a significant increase of 17.6% in volume, 45.5% in revenue, and 23.6% in price compared to the same period in 2023.

In terms of markets, the Philippines remained Vietnam’s largest rice importer, accounting for 46.4% of the total volume and 45.5% of the total export revenue for the country.

Recent endeavors by businesses to leverage new-generation free trade agreements have led to a positive trend towards market diversification. In addition to traditional markets like China, the Philippines, and Africa, enterprises have also explored new markets, including Europe.

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