5 months, rice export price increased by 20.5%

Preliminary statistics from the General Department of Customs show that by the end of May 2024, our country exported nearly 4.03 million tons of rice, earning 2.56 billion USD. Compared to the same period last year, rice exports increased by only 11.2% in volume but increased by 33.6% in value.

5 months, rice export price increased by 20.5%

Although the export price of rice has decreased sharply in recent days, the average price in the first 5 months of this year still reached 638 USD/ton, an increase of 20.5% over the same period last year.

In the past 5 months, rice exports to most major markets have seen positive growth. Notably, the Philippines and Indonesia are the two largest customers of Vietnamese rice in Southeast Asia.

Specifically, Vietnam exported over 1.83 million tons of rice to the Philippines, worth over 1.14 billion USD, up 19.6% in volume and 47.8% in value over the same period last year. Accordingly, the Philippines continued to hold the position of the largest customer of Vietnamese rice in the past 5 months.

Similarly, rice exports to Indonesia continued to boom, reaching 676.8 thousand tons and earning 424.1 million USD. Compared to the same period last year, Vietnam's rice exports to this market increased sharply by 83.4% in volume and 133.8% in value.

Currently, rice exports to the Philippines and Indonesia markets account for 61% of the total export value of this item in our country.

Recently, the Philippine government approved a reduction in rice import tariffs from 35% to 15% for both in-quota and out-of-quota rice until 2028.

The decision is aimed at lowering rice prices and making rice more affordable for the majority of people, especially the poor in the Philippines. The tariff also helps importers to bring in more rice from the world market.

Mr. Pham Thai Binh - Vice Chairman of the Board of Directors of Trung An High-Tech Agriculture Joint Stock Company - said that with the tax reduction policy of the Philippines, consumers of this country will benefit first. Because if importers pay high taxes, they will sell rice at high prices and vice versa.

As for Vietnam, the tax reduction as mentioned above can help businesses sell rice at higher prices, especially when the world supply tends to be scarcer. If Vietnamese businesses increase the selling price of rice by 10-20 USD/ton, the import cost of the Philippines will still be lower than when the 35% tax was applied.

Source: https://congthuong.vn/5-thang-gia-gao-xuat-khau-tang-205-325884.html