“Vietnam achieves record high in rice export earnings”
Published on: October 13, 2023.
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Vietnam Breaking Records in Rice Export Revenue
During the first three quarters of 2023, Vietnam established a fresh record on rice export revenue, courtesy of the amplified prices of exported rice as reported by the Ministry of Agriculture and Rural Development (MARD).
Over this duration, Vietnam shipped approximately 6.61 million tonnes of rice abroad. This export accounted for USD 3.66 billion, representing an upsurge of 23.1% in volume and 40.4% in value compared with the corresponding period the previous year. The Planning Department of the Ministry reported this performance, according to its director, Nguyễn Văn Việt.
In the sole month of September, the country exported 800,000 tonnes of rice at an average price of USD 618 per tonne. The resulting revenue of USD 495 million is an all-time high over the last decade.
In order to earn USD 3.66 billion in nine months, the volume of rice exported was solely 6.6 million tonnes. This marks a considerable change from the performance in 2011 when the country needed to sell 7.1 million tonnes of rice abroad to reach a similar export turnover.
Global Impact and Prospects
According to Việt, a few of the factors contributing to this record-breaking performance include the escalation of Vietnamese export rice prices and the downturn of rice supplies in several markets within this span.
The Philippines have demonstrated to be the leading consumer of Vietnamese rice products within the initial eight months, taking up 40.3% of the total rice export. China and Indonesia came in second and third, with 13.5% and 12.4% respectively. The European Union and African nations like Ghana and Angola also recorded a positive growth in rice exports.
Last, future predictions from industry experts suggest that despite potential slow-downs due to some importing countries developing domestic production to curb inflation, Vietnam’s rice export prices will likely remain high this year, ultimately benefiting farmers.
Efforts are being made to further promote the export of rice, including a trip organized by the Ministry of Industry and Trade for trading rice in China. This trade delegation will provide opportunities for businesses from both nations to sign cooperation agreements, thereby benefiting rice exports.
