Global Rice News

Rice Export from Vietnam Surpasses Records, Expected to Reach $5 Billion in 2023

HÀ NỘI — The rice export industry in Vietnam has achieved remarkable success in the first 11 months of this year, surpassing the figures from the entire year of 2022. The revenue from rice exports is projected to reach a staggering $5 billion. This impressive growth is indicative of the agricultural sector’s vital role in Vietnam’s economy, as well as its significance in the region and globally.

Vietnam’s rice farming area currently spans 7.1 million hectares, with an estimated productivity of 6.08 tonnes of unmilled rice per hectare. The total output is projected to reach 43.1 million tonnes, showing an increase of approximately 420,000 tonnes compared to last year.

The first 11 months of this year saw the export of about 7.75 million tonnes of milled rice, generating an estimated revenue of $4.41 billion. This represents a significant increase of 16.2 percent and 36.3 percent in terms of volume and revenue, respectively, compared to the previous year. The average export price during this period was approximately $568 per tonne, indicating a growth of 17.3 percent. These figures have been released by the Department of Quality, Processing, and Market Development under the Ministry of Agriculture and Rural Development (MARD).

Statistics demonstrate that the export volume of rice has consistently remained at around 6 million tonnes, with an upward trend. Moreover, the annual value of rice exports has consistently exceeded $3 billion.

During a recent workshop held in Hậu Giang province in the Mekong Delta region, MARD Deputy Minister Trần Thanh Nam emphasized the crucial role played by the rice sector in Vietnam’s agricultural industry, as well as in other countries in the region and globally. Nam further projected that both domestic and international rice markets will remain robust in the coming years due to the high demand for rice imports from countries like China, Indonesia, the Philippines, the Middle East, and Africa.

However, Nam also highlighted that the growth in export volume may have an impact on stockpiles in exporting countries. Additionally, higher export prices may result in a corresponding increase in unmilled rice prices, which can partially affect the domestic prices of milled grains.

Overall, the rice export industry in Vietnam has demonstrated exceptional growth and is set to achieve record-breaking revenue in 2023. With the continuous demand for rice imports from various countries, the future looks promising for the rice sector in Vietnam and its contribution to the nation’s economy.

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