42% increase in rice exports
Published on: April 10, 2024.
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Vietnam Rice Exports Soar in First Quarter, Reaching $1.4 Billion
Vietnam’s rice exports have experienced a significant boost in the first three months of the year, with a total of 2.1 million tons of rice exported, valued at $1.4 billion. This represents a remarkable 42% increase in value compared to the previous year.
The Ministry of Agriculture and Rural Development reported that major buyers such as the Philippines, Indonesia, China, Ghana, Malaysia, and Singapore all contributed to this growth. However, both the Philippines and Indonesia are seeking to enhance their own rice production to reduce their reliance on Vietnamese rice. Additionally, African countries, long-standing customers of Vietnamese rice, are now receiving support from other nations to develop their own rice production capabilities.
In light of these developments, the ministry has emphasized the need for rice exporters to diversify their markets and improve the quality of their products to enhance the competitiveness of Vietnamese rice in the global market.
Price Competitiveness
Despite the surge in exports, Vietnam’s 5% broken rice export price currently stands at $576 per ton, representing a 12% decrease from the beginning of the year. This price is also lower than that of competitors, such as Thailand and Pakistan.
As the third-largest rice exporter globally, Vietnam aims to achieve a record-breaking $5 billion in rice shipments this year, surpassing the previous year’s figure of $4.7 billion.
To ensure the continued success of its rice industry, Vietnam must navigate the changing dynamics of its key markets, adapt to evolving buyer preferences, and maintain price competitiveness.
