vietnam sees 42% increase in Q1 rice export value
Published on: April 11, 2024.
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Vietnam’s Rice Export Surges by 42% in Q1 2024
HANOI – Vietnam has experienced a significant increase in its rice export in the first quarter of 2024, according to a report from VnExpress. The Ministry of Agriculture and Rural Development revealed that the country exported over 2.1 million tons of rice during this period, marking a 42 percent year-on-year growth in value. The total revenue generated from these exports amounted to 1.4 billion U.S. Dollars.
Top Importers and Market Share
The Philippines emerged as the largest importer of Vietnamese rice, accounting for 38 percent of the market share. Other major buyers included Indonesia, China, Ghana, Malaysia, and Singapore.
In light of this success, the ministry is encouraging domestic rice exporters to expand their market diversity and enhance the quality of their products. This strategic move aims to increase the competitiveness of Vietnamese rice in the global market.
Rice Export Prices and Competition
Currently, Vietnam’s 5 percent broken rice is priced at 576 dollars per ton for export, representing a 12 percent decrease since the beginning of the year. However, this price is still lower compared to its competitors in Thailand and Pakistan.
Traders anticipate a potential price increase as Vietnam’s largest winter-spring harvest is nearing its conclusion within the next week. This positive development is expected to contribute to achieving Vietnam’s target of a 5 billion dollar rice export value in 2024.
