Rice Exports Projected to Reach $5 Billion in 2021
Published on: December 18, 2023.
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Rice Exports Exceed Expectations, Expected to Reach $5 Billion in Revenue
Rice export volume and value during the first 11 months of the year have surpassed the figures of the entire 2022, indicating a prosperous year for the rice industry. With this positive trend, authorities anticipate that the revenue for this year will reach an impressive $5 billion.
The rice farming area nationwide in 2023 is estimated to be 7.1 million hectares, with a productivity rate of approximately 6.08 tonnes of unmilled rice per hectare. Consequently, the total output is projected to reach 43.1 million tonnes, representing an increase of about 420,000 tonnes compared to the previous year.
During the first 11 months of the year, Vietnam exported a substantial amount of 7.75 million tonnes of milled rice, generating an estimated revenue of $4.41 billion. This volume and revenue have respectively risen by 16.2% and 36.3% year on year. Moreover, the average export price per tonne during this period was $568, reflecting a significant increase of 17.3% compared to the previous year. These statistics were reported by the Department of Quality, Processing and Market Development under the Ministry of Agriculture and Rural Development (MARD).
The export volume of rice has consistently reached around 6 million tonnes annually, and its value has consistently exceeded $3 billion per year, as evidenced by statistics.
During a workshop held in the Mekong Delta province of Hau Giang on December 13th, MARD Deputy Minister Tran Thanh Nam emphasized the crucial role of the rice sector in the agriculture industry of Vietnam, as well as in many other countries in the region and the world.
He also predicted that the domestic and international rice markets will remain vibrant in the foreseeable future due to the high demand for rice imports from countries such as China, Indonesia, the Philippines, the Middle East, and Africa.
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