Vietnam Achieves Highest Rice Exports in Over Three Decades
Published on: December 7, 2023.
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Vietnam’s Rice Exports Reach Record High Amidst Global Demand
Vietnam has achieved a historic milestone in its rice exports this year, recording the highest export volume since 1989. As of November, the country has exported nearly 7.8 million tons of rice, generating a turnover of US$4.4 billion.
Experts predict that Vietnam’s rice exports will continue to grow, with expectations of reaching eight million tons valued at US$4.6 billion in 2023. This projection aligns with the initial target set at the beginning of the year, which was on par with the export volume of the previous year.
The global market continues to experience high demand for rice, leading to an increase in prices for exported rice in various countries. However, Vietnamese rice prices have remained stable due to a shortage in supply. Vietnamese rice exporters are eagerly anticipating the upcoming harvest season to meet this increasing demand.
According to the Vietnam Food Association, Thai rice prices have risen by 5%, reaching US$632 per ton, which is approximately US$50 higher than the previous month. Pakistani rice is currently priced at around US$600 per ton, while Vietnamese rice is priced slightly higher at US$663 per ton.
Chookiat Ophaswongse, the Honorary President of the Thai Rice Exporters Association (TREA), explained that the surge in Thai rice prices is attributed to the limited supply of Vietnamese rice. Consequently, Thai rice exporters have secured new contracts from unexpected customers such as the Philippines and Brazil.
Despite higher prices, Vietnamese rice remains a popular choice among importers due to its exceptional quality and freshness. Vietnamese rice products are exported immediately after harvesting, ensuring that customers receive the best possible product.
Continued High Demand Drives Rice Market
On a global scale, the demand for rice remains high. India, which accounts for a significant portion of rice exports, has halted its exports. This has caused a shortage in the global market, leading to increased demand for rice from other countries.
The Philippines, the world’s largest rice importer and a longstanding customer of Vietnam, continues to seek additional rice imports to ensure national food security. Similarly, Indonesia anticipates a delay in its first rice harvest in 2024, resulting in the need to import approximately 2 million tons of rice that year.
In conclusion, Vietnam’s rice exports have reached unprecedented levels, driven by robust global demand and the country’s commitment to delivering high-quality rice products. With expectations of further growth in the coming years, Vietnam’s role as a key player in the rice export market is set to strengthen.
Source: Vietnamplus
