Vietnam Smashes Record High with Rice Exports in 2023
Published on: January 11, 2024.
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Vietnam Rice Exports Reach All-Time High in 2023
HANOI, Jan 8 – Vietnam has achieved a significant milestone in its rice export industry, generating a record-breaking revenue of US$4.78 billion from the shipment of 8.3 million tonnes of rice in 2023. This marks an all-time high for the country’s rice exports.
The Agriculture and Rural Development Ministry of Vietnam has reported that the total rice output increased by 1.9 percent, reaching 43.5 million tonnes. This surge in production has successfully met both domestic and export demands. Furthermore, due to high demand, the average price of rice exports reached an impressive US$663 per tonne.
Last year, the rice export industry faced numerous challenges, including geopolitical conflicts and the disruptive effects of the El Nino phenomenon on food and input material supplies.
Vietnam’s reputation for producing high-quality rice in the global market has received further recognition with the recent achievement of the ST25 variety winning the title of “World’s Best Rice.” This recognition has contributed to the country’s growing prominence as a trusted rice exporter.
Rice exporters predict that the demand for Vietnamese rice will continue to rise in 2024, particularly from countries like the Philippines and China, as global rice supply remains low.
The Success of Vietnam’s Rice Export Industry
Vietnam has seen remarkable success in its rice export industry, with 2023 being a truly exceptional year. The revenue generated from rice exports reached an unprecedented US$4.78 billion, a testament to the country’s ability to meet the demands of the global market. With 8.3 million tonnes of rice being shipped, Vietnam has solidified its position as a leading rice exporter.
Increased Rice Output and Meeting Market Demand
The total rice output in Vietnam experienced a significant increase of 1.9 percent in 2023, reaching a staggering 43.5 million tonnes. This rise in production has allowed Vietnam to effectively fulfill both domestic and export demands. The country’s rice industry has shown resilience and adaptability in meeting the needs of consumers worldwide.
Rice Export Prices Soar
Thanks to high demand and the quality of Vietnamese rice, export prices reached an average of US$663 per tonne in 2023. This favorable pricing has contributed to the remarkable revenue generated by rice exports. Vietnam’s commitment to producing high-quality rice has been recognized and rewarded in the global market.
Overcoming Challenges
Vietnam’s rice export industry confronted various challenges in 2023. Geopolitical conflicts and the disruptive effects of the El Nino phenomenon posed obstacles to the steady supply of food and input materials. However, the industry demonstrated resilience and determination in the face of adversity, resulting in the impressive achievement of record-breaking exports.
Recognition for Vietnamese Rice
Adding to its growing reputation, Vietnam’s rice industry garnered international recognition with the ST25 variety receiving the prestigious title of “World’s Best Rice.” This accolade showcases the country’s commitment to producing rice of exceptional quality and further establishes Vietnam as a key player in the global rice market.
Promising Future Prospects
Looking ahead, rice exporters are optimistic about the future of Vietnamese rice. With global rice supply remaining limited, the demand for Vietnamese rice is expected to surge in 2024. Key importers such as the Philippines and China are projected to increase their rice purchases from Vietnam. This presents a significant opportunity for Vietnam to further expand and strengthen its position as a leading rice exporter.
Source: The Star
