Vietnam's rice export surges in Q1 2024

Thứ Tư, 08/05/2024, 10:13

According to the Ministry of Agriculture and Rural Development, Vietnam exported 2.07 million tonnes of rice in the first quarter of 2024, earning 1.37 billion USD in revenue. This represents a 12% increase in volume and 40% in value compared to the same period of 2022.

According to the General Department of Vietnam Customs, in the first quarter of 2024, the country exported over 2.18 million tonnes of rice at a value of $1.43 billion, a 17.6 per cent and 45.5 per cent year-on-year increase in volume and export turnover, respectively.

Vietnam's rice export surges in Q1 2024 -0
Vietnam's rice export surges in Q1 2024.

Vietnam’s rice exports continued to do well in key markets such as the Philippines, Indonesia and Malaysia, with exports to these markets recording high double digit growth. The Philippines remains Vietnam’s largest rice buyer, accounting for 45.5 per cent of the country’s rice export turnover.

Nguyen Anh Son, head of the ministry’s Agency of Foreign Trade, said that while the 2023 global rice market faced many complications, the Government, the ministry and other agencies had quickly carried out solutions to facilitate exports, such as providing market information and strengthening trade co-operation with rice importing countries.

The authorities’ efforts in managing rice exports had helped ensure sales for commercial rice and the livelihoods of rice farmers, keep rice prices stable, and fulfil Vietnam’s international commitments, he said.

Exports of high value rice varieties that are Vietnam’s strength are consistently rising, including Jasmine rice, ST rice varieties, premium white rice and japonica rice, according to the official.

Rice exporters have been taking advantage of new generation FTAs to expand their markets, such as to the EU, although export volume is still limited.

This demonstrates that Vietnam’s rice quality is rising and capable of satisfying the strict requirements of demanding markets.

Exporters have also taken advantage of global food supply challenges to become alternative suppliers to markets such as the US, Canada and Chile.​

Meanwhile, according to an recent annoucement of the Vietnam Food Association (VFA), the prices of Vietnamese rice in the international market rose by 3-8 USD per tonne last week, helping Vietnam return to the top position in export rice prices.

According to the association, the prices of 5% broken rice of Vietnam, at 585 USD per tonne, is higher than the same type of Thailand by 3 USD per tonne, and 10 USD per tonne higher than the same product of Pakistan.

For 25% broken rice, Vietnamese product is priced at 555 USD per tonne, 23 USD higher than that of Thailand, and 13 USD higher than that of Pakistan. Meanwhile, Vietnam’s 100% broken rice price stays stable at 470 USD per tonne, but is also higher than that of Thailand and Pakistan by 21 USD and 25 USD per tonne, respectively.